The Stock Exchange of Mauritius (SEM) has announced the launching of a new market, the Development & Enterprise Market (DEM), which is due to commence trading on August 4, 2006.
The DEM is a market designed for companies currently quoted on the Over-The-Counter (OTC) Market, Small and Medium-sized Enterprises (SME’s) and newly set-up companies which possess a sound business plan and demonstrate a good growth potential.
It is meant for companies wishing to avail themselves of the advantages and facilities provided by an organised and regulated market to raise capital to fund their future growth, improve liquidity in their shares, obtain an objective market valuation of their shares and enhance their overall corporate image.
The rules governing the DEM are less stringent than those of the Official Market. Trading of the securities of DEM companies will be effected through the SEM Automated Trading System (SEMATS), as per SEM Trading Rules and ATS Schedule of Procedures. All transactions will be cleared and settled through the Central Depository & Settlement Co Ltd (CDS) in accordance with the CDS Rules and Procedures.
The DEM will be open to foreign investors.
Initially, the DEM will trade three times a week, on Mondays, Wednesdays and Fridays from 1.00 p.m. to 2.20 p.m.
With the implementation of the DEM, the OTC Market will be phased out.
The OTC Market will continue to operate normally on Tuesdays and Thursdays until its closure scheduled after the trading session of Thursday, January 25, 2007.
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