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CSE Closes Again! To Get First Offshore Listing

Tax-news.com

05 December 1999


The Cyprus Stock Exchange (CSE) will close for another 3 days from the 6th of December in an effort to clear the still huge backlog of share titles. The CSE has been trying to clear the backlog for some months now and has already suspended over half of its listed companies and a number of brokers to give them time to get their paperwork in order. The CSE will also use the 3-day break to implement changes to speed up its settlement system and reduce paperwork.

In another announcement this week the CSE said it will finally list its first offshore company within the next week. Shimoda Resources, which has invested heavily in Russian palladium (used in mobile phones), also has interests in gold and mineral operations in a number of former Soviet countries. Shimoda will list on the CSE with 30 shareholders and $6m in existing capital and is planning a $25m share issue early next year. The announcement of the Shimoda listing has come hot on the heels of recent criticism of its tardiness in processing offshore listings. Although it took the CSE 18 months to process its first offshore application, the CSE hopes to speed up this process once it has sorted out the current share titles mess.

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