Listing on the Official Market

What are the benefits of listing?

• Access to public capital to fund growth, expansion.

• Improved pricing, marketability and liquidity for the shares of the company.

• Positive impact on internal culture and increased focus on performance.
  
  
• Ensure companies comply to strict rules and regulations and good corporate governance principles in the interests of shareholders.
  
  
• Added prestige and image.

How long does it take to list?

The time frame for listing of securities on the Official Market will depend on several factors.  These would include besides satisfying the basic requirements, the time taken to produce the listing documents and being granted the relevant approvals.

How much does it cost to list?

The Stock Exchange of Mauritius charges an initial fee upon listing and annual fees while your company remains listed.  Details of initial and annual fees charged by the SEM are available on the SEM Website.

How big does my company have to be in order to be eligible to list?

1. To be listed, securities should be:

• Issued in conformity with the law of the applicants place of incorporation:
• Issued in accordance with the applicant’s constitutional documents
• Freely transferable

2. Except where equity securities of the same class are already listed, the expected aggregate market value of the equity securities for which application for listing has been made must be at least 20,000,000 Mauritian Rupees (MUR).

3. If the shares of the issuer are not listed, then the applicant must have tangible assets of at least MUR 50,000,000.

4. The nominal amount of each class of debt securities for which listing is sought must be not less than 25,000,000 Rupees divided into units of not less than MUR 100.

5. Where an application for listing has been made for a class of equity securities, at least 25 per cent. of that class must, no later than the date on which dealings commence, be in the hands of not less than 200 members of the public.

Where can I find the application form for admission to the Official List?

Companies seeking admission to the Official List of the SEM must complete Appendix 1 to the Listing Rules.  Appendix 1 is available on the SEM Website.

What documentation do we need to produce?

Companies seeking admission should prepare a Listing Particulars pursuant to Chapter 6.  The issuer shall:

• Issue the Listing Particulars which complies with both the prospectus requirements of the Securities Act 05 and the content requirements for Listing Particulars set out in the Listing Rules.

• Make provision in its articles of association or Constitution for various matters set out in Appendix 4 of the Listing Rules.

• Enter into a Listing Undertaking in the form set out in Appendix 3 of the Listing Rules.

Who ultimately approves a company for listing on the Stock Exchange of Mauritius?

The Listing Division of the Stock Exchange of Mauritius evaluates your application.  The Head of Listing reviews your application to ensure all requirements are met and recommends your application to the Listing Executive Committee.  If all requirements are met, the Listing Executive Committee then grants a conditional approval to your company for listing on the Stock Exchange.

What does the term conditional approval mean?

A company receiving conditional approval means that the company has been accepted for listing subject to meeting specific requirements or conditions.

What are our obligations once listed?

Listed companies are required to disclose all material information to the market, in order to ensure that investors and shareholders are fully informed of all material information of the company that may affect the share price.

The full list of requirements regarding disclosure is contained in the Listing Rules.  Key requirements are principally laid down in Chapters 11 and 12 of the Listing Rules and mainly include the following:

• General obligation of disclosure for issuers
• Continuing obligations of a financial nature