In an attempt to make itself more of an attractive international platform for listed companies, the Stock Exchange of Mauritius (SEM) has recently made some amendments to its Listing Rules (dated December 2016), further to changes made to Chapter 15 for International Issuers.
Some of the main amendments include:
The introduction of a fast track listing route for International Issuers that are primarily listed on a recognised Securities Exchange (the long list of recognised Securities Exchanges in this context can be found in the new Appendix 8(A). The list is not exhaustive and it states that the SEM will recognize an exchange which is a Member or Affiliate of the World Federation of Exchanges);
Subject to the international issuer obtaining the prior approval of the SEM, the introduction of provisions to give the SEM the flexibility to allow the post-listing requirements of the primary exchange to take precedence over the SEM Listing Rules in relation to an International Issuer which has a secondary listing on the SEM, as well as the opportunity to seek dispensation from the SEM of any specific post-listing obligations on the SEM;
The flexibility to allow international issuers which have a primary listing in another jurisdiction and a secondary listing on the SEM to file and publish their Financial Statements on the same periodical basis as where they are primarily listed.