According to reports, the Financial Services Commission in Mauritius is currently opposing a bid by the Johannesburg Stock Exchange (JSE) for an alleged 49% stake in the Stock Exchange of Mauritius (SEM).
Despite receiving the full support of the SEM Board in October last year, following an initial evaluation of the Strategic Stake, section 23 of the Financial Services Act of 2007 enables the Mauritian financial regulator to reject any acquisitions that it deems unsuitable.
Precise details surrounding the bid and its subsequent challenge from the FSC remain unclear, as the sensitive negotiations for the deal – worth a reported MUR367.5m (USD11m) – continue.
South Africa’s JSE is thought to be in talks with a number of African exchanges, including Mauritius, in an endeavour to expand its regional influence.
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