On 19th October 2018, the Stock Exchange of Mauritius (SEM) launched an Africa Board which has as purpose to showcase SEM’s listed issuers and products that have an Africa-centric orientation.

According to the SEM, the objective of setting up the Africa Board is to reinforce the Mauritius as a financial services hub for Africa. It aims at encouraging potential African issuers, GBC companies targeting Africa, Exchange-traded funds holding African underlying investments, issuers of Africa depositary receipts and of African debt products to raise capital and list on SEM’s cost effective and multi-currency platform. The SEM targets to have 25% of capitalization originating from Africa by 2023.

At the launch of the Africa Board, 22 securities (which were already listed on the SEM) which had satisfied the selection requirements were included and the total market capitalization of the selected securities amounted to Mur 54.3 billion (approximately USD 1.6 billion).

A company wishing to be included on the Africa Board needs to demonstrate that its operations are focused on Africa (excluding Mauritius by either 50% or more of its consolidated Assets being located in Africa or 50% or more of its total Revenue being generated on the African continent. Securities of both the Official Market and the Development & Enterprise Market are eligible for inclusion on the Africa Board.