The Stock Exchange of Mauritius (SEM) recently embarked on a full review and revamped its listing rules. The decision to streamline the listing particulars following consultation with the Mauritius Financial Services Commission, the Board of Investment and Operators in the business sector has resulted in the introduction of the new Chapter 18 in its listing rules, designed specifically for Global Business Corporations including Specialists Debt Instruments targeted at qualified Investors.
Funds and Corporations both local and global are increasingly turning to the SEM platform for Listing, taking advantage of the various benefits offered by the SEM. Listing on the SEM allows for greater visibility and marketability of the Fund and Corporation. A Listing on the SEM provides its investors with the comfort that the Fund / Corporation is fully compliant with respect to its reporting and regulatory requirements.
The key changes in the requirements to list as per the new chapter 18 are :
Listing of Corporations Holding Category 1 Global business licence (GBL1) :
q The GBL1 Company may seek a listing on the official market of the SEM even if it does not have a 3 year track record. However, management quality and viability of the business must be clearly demonstrated and acceptable by the SEM.
q Market capitalisation of at least Rupees 20 million.
q There is no need to have a minimum number of the 200 shareholders and a percentage of 25% of the issued capital in the hands of the public at the time of application for the Listing.
q Granting of the Listing is subject to SEM satisfaction that the issuer and its business are suitable for the listing of its securities.
Listing of Specialists Debt Instruments targeting qualified investors :
q No requirement for the 3 year track record.
q Nominal value of each class of debt not to be less that 25 million Rupees, subject to SEM approval.
q The condition that the securities must be in the hands of not less than 100 members of the public as normally required is removed under Chapter 18.
Stock Exchange of Mauritius – NEWS
q The SEM has been in existence for almost 25 years and has since developed into an International Exchange.
q The SEM was awarded the most innovative African Stock Exchange in 2012.
q The SEM is today one of the leading exchanges in the region and has been driving change within the capital market in Africa.
q The SEM is a member of the World Federation of Exchanges (WFE), the South Asian Federation of Exchanges (SAFE), the African Securities Exchange Association (ASEA) and the Committee of SADC Stock Exchanges (COSSE).
q The SEM is an approved Stock Exchange by the Cayman Monetary Authority and a ‘Recognised Stock Exchange’ by the United Kingdom, Her Majesty’s Revenue and Customs.
(Source: Stock Exchange of Mauritius)
CKLB provides Listing Agent services and act for potential Investment Funds and Companies wishing to list on the Stock Exchange of Mauritius. Please contact Mr Christian Li. Email : firstname.lastname@example.org