The Listing Rules
THE STOCK EXCHANGE OF MAURITIUS LTD
219
PREFACE
This book contains rules (the "Listing Rules") made by the Stock Exchange of Mauritius Ltd (the " SEM") for the listing of securities on the Official List of the SEM. The Stock Exchange of Mauritius Ltd was established under section 14 of the repealed Stock Exchange Act 1988. The SEM has been appointed as the competent authority responsible for the listing of securities on the Official List under the supervision of the Financial Services Commission.
The Listing Rules govern the admission to listing, the continuing obligations of listing, the enforcement of those obligations and suspension and withdrawal from the Official List of the SEM. The rules are aimed at ensuring that the business of the SEM is carried on with due regard to the investors interests.
The Listing Division of the SEM is always available to offer guidance on any aspect of the Listing Rules and discussions take place in strict confidence.
In complying with the disclosure requirements of these Listing Rules, an issuer must ensure compliance with the requirements of the Securities Act 2005 and/or any Regulations and/or FSC Rules made under the Act.
IMPORTANT NOTE
TO AVOID ANY MISUNDERSTANDING, IT IS EMPHASISED THAT THE LISTING RULES ARE ENTIRELY INDEPENDENT OF, AND WITHOUT PREJUDICE TO, THE PROVISIONS ON CONTENTS OF PROSPECTUSES LAID DOWN IN THE SECURITIES ACT 2005 AND THAT THE COMPLIANCE WITH THESE RULES DOES NOT IN ANY WAY GUARANTEE THAT THE LISTING PARTICULARS CONCERNED COMPLIES WITH THE RELEVANT PROSPECTUS REQUIREMENTS OF THE SECURITIES ACT 2005 OR WILL BE REGISTERED BY THE FINANCIAL SERVICES COMMISSION.
CONTENTS
Preface
Chapter
1 Interpretation
2 General Requirements and the Listing Process
3 Compliance with and Enforcement of the Listing Rules
4 Sponsors and Authorised Representatives
5 Methods of Listing
6 Conditions for Listing
7 Application Procedures and Requirements
8 Listing Particulars
9 Contents of Listing Particulars
10 Publication Requirements
11 Listing Undertaking: continuing listing obligations
12 Accountants' Report and other Financial Information
13 Notifiable Transactions
14 Restrictions on Purchase and Subscription
15 International Issuers
16 Investment Entities
17 Public Sector Issuers
18 Specialist Companies, Specialist Debt Instruments and other Specialist Securities
19 Depositary Receipts
20 Mineral Companies
Appendices
1 Application for Admission of Securities to Listing
1A Application for Admission to Listing of Sponsored Depositary Receipts
1B Application for Admission to Listing of Unsponsored Depositary Receipts
2 Sponsor's Declaration
3 Listing Undertaking
3A Listing Undertaking: Sponsored Depositary Receipts
3B Listing Undertaking: Unsponsored Depositary Receipts
4 Articles of Association/Constitution
5 Directors Declaration and Undertaking
6 Model Code for Securities Transactions by Directors of Listed Companies
7 Listing Fees
8 List of Recognised Securities Exchanges
8A List of Recognised Securities Exchanges
9 Accreditation of Independent Professional Experts, Independent Financial Advisor and Independent Valuer
9A Accreditation application form for Firms/Corporations
9B Accreditation application form for Partners/Directors/Individuals
9C Declaration of independence
CHAPTER I
INTERPRETATION
1.1 Throughout these Listing Rules, the following terms, save where the context otherwise requires, have the following meanings:
Act / the Securities Act 2005applicant / an issuer which is proposing to apply, or is applying, for listing of any of its securities
associate / (a) in relation to any director, chief executive or controlling shareholder who is an individual means:
(i) / his spouse and any child or stepchild under the age of 18 years of the director, chief executive of controlling shareholder together (“the individual’s family”) and;
(ii) / the trustees (acting as such) of any trust of which the individual or any of the individual’s family is a beneficiary or discretionary object; and
(iii) / any company in the equity capital of which the individual and/or any member or members of the individual's family (taken together) are directly or indirectly interested so as to exercise or control the exercise of 20 per cent or more of the voting power at meetings of shareholders, or to control the appointment and/or removal of directors holding a majority of voting rights at board meetings on all or substantially all matters, and any other company which is its subsidiary; and
(b) in relation to a controlling shareholder which is a company means any other company which is its subsidiary or holding company or is a fellow subsidiary of any such holding company or one in the equity capital of which it and/or such other company or companies taken together are directly or indirectly interested so as to exercise or control the exercise of 20 per cent or more of the voting power at meetings of shareholders, or to control the appointment and/or removal of directors holding a majority of voting rights at board meetings on all or substantially all matters.
authorised representative / a person appointed as an authorised representative by a listed issuer under Rule 4.11
Board of Directors / the governing board of the SEM as described in its Memorandum and Articles of Association or Constitution.
business day / any day on which the SEM and the CDS is open for business as determined by their respective Board of Directors
CDS
/ Central Depository and Settlement Company Limited as established under section 3 of the Securities (Central Depository, Clearing and Settlement) Act 1996.chief executive / a person who is or will be responsible under the immediate authority of the board of directors for conducting of the business of an issuer
Commission / The Financial Services Commission established under the Financial Services Development Act 2001
Companies Act / Companies Act 2001
company / a body corporate wherever incorporated
contract of significance / represents in amount or value a sum equal to 5 per cent. or more, calculated on a group basis where relevant, of a capital transaction or a transaction of which the principal purpose or effect is the granting of credit, the aggregate of the group's share capital and reserves
controlling shareholder / any person who is (or in the case of a related party transaction only was within the 12 months preceding the date of that transaction) entitled to exercise, or control the exercise of, 20 per cent or more of the voting power at meetings of shareholders of the issuer or one which is in a position to control the appointment and/or removal of directors holding a majority of voting rights at board meetings on all or substantially all matters
convertible debt securities / debt securities convertible into or exchangeable for equity securities, and debt securities with non-detachable options, warrants or similar rights to subscribe for or purchase equity securities attached
convertible equity securities / equity securities convertible into or exchangeable for shares and shares with non- detachable options, warrants or similar rights to subscribe for or purchase shares attached
dealing
/ includes any sale or purchase of, or agreement to sell or purchase, any securities of the company and the grant, acceptance, acquisition, disposal, exercise or discharge of any option or other right or obligation, present or future, conditional or unconditional, to acquire or dispose of securities, or any interest in securities, of the company and “deal” shall be construed accordingly.debt securities / debenture or loan stock, debentures, bonds, notes and other securities or instruments acknowledging, evidencing or creating indebtedness, whether secured or unsecured, and options, warrants or similar rights to subscribe or purchase any of the foregoing and convertible debt securities
director / as in the Companies Act and in relation to an issuer which is not a company, a person with corresponding powers and duties
equity securities / shares (including, for the purposes of determining the appropriate rules applicable, preference shares), convertible equity securities and options, warrants or similar rights to subscribe or purchase shares or convertible equity securities
expert / includes engineer, valuer, accountant and any other person whose profession gives authority to a statement made by him
formal notice / a formal notice required to be published under Rule 10.4
FSC / the Financial Services Commission established under the Financial Services Act 2007
group / the issuer and its subsidiaries, if any
holding company / as in Section 2 of the Companies Act
Independent Financial Advisor / A professional accredited with the SEM pursuant to Appendix 9 of these Listing Rules who has been appointed by an Issuer to provide an independent certification of a Business Plan that is submitted to the SEM.
Independent Professional Expert / A professional accredited with the SEM pursuant to Appendix 9 of these Listing Rules who has been appointed by an Issuer to provide an independent certification of a valuation report on Related Party Transactions under Chapter 13 of the Listing Rules.
Independent Valuer / A professional accredited with the SEM pursuant to Appendix 9 of these Listing Rules who has been appointed by an Issuer to provide an independent valuation of a business likely to be admitted to listing or for any other purpose that the SEM may require.
International Accounting Standards / the International Accounting Standards formulated by the International Accounting Standards Committee of the International Association of Accountants
International Financial Reporting Standards / Standards and Interpretations adopted by the International Accounting Standards Board
International Standards on Auditing / the International Standards on Auditing issued by the International Auditing and Assurance Standards Board
issuer / any company or other legal Person or undertaking (including a public sector issuer), any of whose equity or debt securities are or are proposed to be the subject of an application for listing or some of whose equity or debt securities are already listed
international issuer / an issuer incorporated or otherwise established outside Mauritius
investment dealer /
as in Section 2 of the Act
listed / admitted to the Official List of the SEM and “listing” shall be construed accordinglyListing Executive Committee / the Listing Executive Committee responsible for listing matters established by the Board of Directors
Listing Particulars / any document issued or proposed to be issued in connection with an application for listing and complying with the requirements for Listing Particulars set out in these Listing Rules.
Listing Rules / the rules governing the listing of securities contained in this book as amended from time to time in the manner provided for in the Listing Rules
listing undertaking / the undertaking (in the form set out in Appendix 3) by an issuer to the SEM
market value / in relation to a listed security, the official price for that security as published by the SEM for the relevant date
new applicant / means, in the case of equity securities, an applicant for listing none of whose equity securities are already listed, and in the case of debt securities, means an applicant for listing none of whose equity or debt securities are already listed
notifiable transaction / one of the transactions specified in Rule 13. 1 (a)
Official List / means the list of all securities admitted for quotation on the main market or official market of the SEM
person / an individual or entity
primary listing / in relation to a security listed on more than one securities exchange, the listing of that security which subjects the issuer to the full requirements applicable to a listing on that securities exchange
property company / a company primarily engaged in activities which include:
(a) the holding of immovable properties and development of immovable properties for letting and retention as investments; or
(b) the purchase or development of immovable properties for subsequent sale or both
prospectus / as in Section 2 of the Act
the public / the meaning ascribed to that phrase by Rule 6.21 and must be read subject to Rule 6.23
public hands
/ in relation to shares mean shares being held by the public and shares will not be regarded as being held in public hands if they are held, directly by:(a) a director of the applicant or of any of its subsidiary undertakings;
(b) a person who is a related party with a director of the applicant or of any of its subsidiary undertakings;
(c) the trustees of any employees share scheme or pension fund established for the benefit of any directors and employees of the applicant and its subsidiary undertakings;
(d) any person who by virtue of any agreement has a right to nominate a person onto the board of directors of the applicant.
public sector issuers / states and state corporations
related party / in relation to a company means a director, chief executive or controlling shareholder of the company or any of its subsidiaries or associates of any of them
related party transaction / (i) a transaction (other than a transaction of a revenue nature in the ordinary course of business) between a company, or any of its subsidiaries, and a related party; or
(ii) any arrangements pursuant to which a company, or any of its subsidiaries, and a related party each invests in, or provides finance to, another undertaking or asset.
reporting accountant / the professional accountant who is responsible for the presentation of the accountants' report included in Listing Particulars
reverse takeover
/ has the same meaning as in Rule 13.11.secondary listing / a listing which is not a primary listing
securities / equity securities, debt securities and securities of any description (including those defined in Chapter 16)
sponsor / an investment dealer, financial institution or any other person duly registered with the FSC and appointed as a sponsor under Rule 4.2
state / includes any agency, authority, central bank, department, government, legislature, ministry, minister, official or public or statutory person of, or of the government of, a state or any regional or local authority thereof
state corporation / any company or other legal person which is directly or indirectly controlled or more than 50 per cent of whose issued equity share capital (or equivalent) is beneficially owned by, and/or by any the one or more agencies of, a state, or all of whose liabilities are guaranteed by a state or which is specified as such from time to time by the SEM
SEM / The Stock Exchange of Mauritius Ltd established under the repealed Stock Exchange Act
subsidiary / as in Section 2 of the Companies Act
substantial shareholder / a person, in Mauritius or elsewhere, who holds by himself or by his nominee, a share or an interest in a share which entitles him to exercise not less than five per cent of the aggregate voting power exercisable at the meeting of shareholders
temporary documents of title / allotment letters, letters of allocation, letters of acceptance, letters of rights, renounceable share certificates and any other temporary documents of title
1.2 In these Listing Rules references to a documents being certified shall mean certified to be a true copy or extract (as the case may be) by a director, the secretary or other authorised officer of the issuer (or by a member of its governing body in the case of an overseas issuer) or by a member of the issuer's auditors or solicitor or by a notary and references to a translation being certified shall mean certified to be a correct translation by a professional translator.