David Lekerai became a Partner in the Corporate and Commercial practice at IKM in January 2014. His areas of practice include private equity, mergers and acquisitions, corporate law, commercial law, structured trade finance (including Islamic Finance), corporate restructuring, tax law and capital markets.

Career

Prior to joining IKM, David worked at Kenya Revenue Authority (KRA) where he attended training at the KRA Training Institute. He has advised on a number of local, regional and international transactions and has gained exposure and experience in international corporate transactions while acting for clients across different jurisdictions, including Luxembourg, India, Mauritius, Rwanda, Tanzania, Uganda, Nigeria, Ghana, Zimbabwe and South Sudan.

Credentials

Education

  • Kenya School of Law: Diploma in Law (2005)
  • University of Nairobi, Bachelor of Law (LLB) (2000 – 2004) 
  • Certified Public Secretary (CPS) (2013)

Professional Qualifications

  • Law Society of Kenya
  • Institute of Certified Public Secretaries of Kenya
  • Admitted as an Advocate of the High Court of Kenya (2006)

Key experience

  • Acted for Centum Investment Company Limited in the acquisition of a 68% stake in K-Rep Bank Limited through a non-operating holding company under the Central Bank of Kenya guideline on non-operating holding companies CBK/PG/24.
  • Acted for Qalaa Holdings (formerly Citadel Capital SAE), a private equity company based in Cairo, on a due diligence of Rift Valley Railways consortium (RVR) to ascertain the extent of compliance with its obligations under the concession framework with the governments of Kenya and Uganda ahead of further investments by development finance institutions.
  • Acted for Fanisi Venture Capital Fund in a private equity investment in European Foods Africa Limited.
  • Acted for Fanisi Venture Capital Fund in a private equity investment in Kijenge Animal Products Limited in Tanzania.
  • Acted for a consortium of investors comprising of Deutsche Investitions und Entwicklungsgesellschaft mbH, Nederlandse Financierings Maatschapij voor Ontwikkelingslanden N.V., Société de Promotion et de Participation pour la Coopération Economique, International Finance Corporation and IFC Asset Management Company LLC, in undertaking a due diligence investigation on Rift Valley Railways and to provide a legal opinion on the capacity of the Kenyan operational company of RVR to enter into concession agreements and the validity and enforceability of such agreements.
  • Acted for Fanisi Venture Capital Fund in an investment in Haltons Limited, a company carrying out retail pharmaceutical business with a chain of pharmaceutical stores in Kenya.
  • Acted for International Finance Corporation (IFC) and Norfund in a loan investment transaction in UAP Group Companies in South Sudan.
  • Acted for the Cellulant Group of Companies (with companies in more than eight countries across Africa, including Kenya, Tanzania, Uganda, Nigeria, Ghana, Zimbabwe, Malawi and Mauritius) in a transaction involving an investment by three private equity funds comprising Stichting Administratiekantoor TBL Management, Velocity Private Equity B.V. and Progression Eastern African Microfinance Equity Fund.
  • Acted for Fusion Capital Limited in an investment transaction in San Valencia Limited.
  • Acted for Compagnie Gervais Danone in its acquisition of a 40% stake in Brookside Dairy Limited - one of the leading dairy companies in East Africa with subsidiaries in Uganda and Tanzania.
  • Acted for Guaranty Trust Bank Plc (an entity listed on the London Stock Exchange) in the acquisition of 70% of Fina Bank Limited (now Guaranty Trust Bank (Kenya) Limited), a Kenyan bank with subsidiaries in Uganda and Rwanda.
  • Acted for Crown Paints Kenya Limited in the acquisition of business and assets in Tanzania.
  • Acted for Old Mutual in carrying out a due diligence on UAP South Sudan Insurance and UAP South Sudan Properties Limited ahead of a proposed investment in UAP Group.
  • Acted for Seek Limited, an Australian company listed on the Australian Stock Exchange, in the acquisition of Cheki Kenya Limited and Brightermonday.Com Limited.
  • Acted for Skanem S.A., an entity in Norway, in the acquisition of Interlabels Industries Pvt. Ltd, an Indian company with a subsidiary in Kenya, Interlabels Africa Limited.
  • Acted for a shareholder of Ogilvy East Africa Limited in an acquisition by Scangroup Limited of shares in Ogilvy East Africa Limited by way of a share swap between the acquiring company and the target company.
  • Acted for the Government of Kenya in a proposed restructuring of a state corporation into a fully-fledged commercial bank. The assignment entailed inter alia carrying out a legal due diligence on the target state corporation, advising on restructuring options, compliance with regulatory requirements and developing an implementation schedule.
  • Acted for CMC Holdings Limited in its acquisition by Al Futtaim Auto Machinery through the Capital Markets (Takeover & Mergers) Regulations, 2002.
  • Advised Barclays Bank of Kenya in connection with the reorganisation of its corporate structure through a swap of shares between Barclays Bank Plc and ABSA Bank (South Africa) - a subsidiary of Barclays Bank Plc. The advice addressed inter alia the compliance requirements and formalities under the Capital Markets Act and the regulations made thereunder, in particular the Capital Markets (Licensing Requirements) (General) Regulations, 2002.
  • Advised CMC Holdings Limited on its continuing obligations under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, the CMA Corporate Governance Guidelines and the Nairobi Securities Exchange rules. This involved a review of the company’s compliance status with the relevant regulations, and advising on how to streamline and remedy areas of non-compliance as well as engage the regulator on the way forward.
  • Acted for Barclays Bank of Kenya in the reorganisation of Barclays Financial Services Limited, a wholly owned subsidiary of Barclays Bank of Kenya which is an investment advisor licensed by the Capital Markets Authority.
  • Advised General Electric on the compliance obligations and requirements of its investment advisory subsidiary under the Capital Markets Act and in particular the Capital Markets (Licensing Requirements) (General) Regulations, 2002.
  • Acted for African Development Bank in a transaction involving the review and legal opinion regarding a line of credit facility advanced to Equity Bank (Kenya) Limited.
  • Acted for International Finance Corporation in an investment in Goodlife Pharmacy by way of a convertible security.
  • Acted for African Development Bank in a transaction involving the review and legal opinion regarding a line of credit facility to PTA Bank.
  • Acted for African Development Bank in a transaction involving the review and legal opinion regarding a line of credit facility to Shelter Afrique.
  • Acted for a syndicate of six banks in connection with a syndicated loan facility to Kenya Pipeline Company Limited for the construction of its oil pipeline from Mombasa to Nairobi.
  • Acted for a syndicate of banks in connection with a syndicated loan facility to the Government of Kenya to finance infrastructural projects.
  • Acted for International Finance Corporation (IFC) and Norfund in a loan investment transaction in South Sudan on a company whose principal shareholder and guarantor is Kenyan.

Experience record

  • 2004

    Legal Assistant - Okoth & Kiplagat Advocates

  • 2008

    Legal Officer - Kenya Revenue Authority

  • 2009

    Associate, Corporate and Commercial practice – IKM

  • 2010

    Senior Associate, Corporate and Commercial practice - IKM

  • 2014

    Partner, Corporate and Commercial practice – IKM

Languages spoken

  • 100
English - Excellent
  • 100
Kiswahili - Excellent

Market recognition

David Lekerai received recognition in Commercial and Corporate, and Mergers & Acquisitions.

Legal500 2015