2009 asea yearbook

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ASEAYearbook

2009

African Securities Exchange Association


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ASEA Member Countries


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ASEA Member

Exchanges

1. JSE Limited

2. Bolsa de Valores de Cabo Verde

3. Botswana Stock Exchange

4. Casablanca Stock Exchange

5. Bourse de Tunis

6. Dar-es-Salaam Stock Exchange

7. Douala Stock Exchange

8. Egyptian Exchange

9. Ghana Stock Exchange

10. Libyan Stock Exchange

11. Lusaka Stock Exchange

12. Mozambique Stock Exchange

13. Nairobi Stock Exchange

14. Stock Exchange of Mauritius

15. Uganda Securities Exchange

16. Bourse Rgionale des Valeurs Mobilires

17. The Namibian Stock Exchange

18. Khartoum Stock Exchange


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Table of Contents5

PROFILES OF ASEA EXECUTIVE

COMMITTEE MEMBERS

12 PRESIDENTS LETTER

18 BRIEF ON ASEA

19 - Summary of Highlights

19- The name of the Association is African

Securities Exchanges Association (ASEA)

19 - When was the association created?

20 - Where is the secretariat located?

20 - What is the main role of the association?

20 - Members of the Association

22 - Conferences

22 - Upcoming Conferences

23

- Which are the governmental bodies at

the national or international level that the

association interacts with, if any?

25 MAIN ECONOMIC INDICATORS

35 MEMBER EXCHANGE PROFILES

36 JSE Limited

51 Bolsa de Valores de Cabo Verde

65 Botswana Stock Exchange

78 Bourse de Casablanca92 Bourse de Tunis

105 Dar-es-Salaam Stock Exchange

116 Douala Stock Exchange

129 Egyptian Exchange

144 Ghana Stock Exchange

155 Libyan Stock Exchange

164 Lusaka Stock Exchange

176 Mozambique Stock Exchange

184 Nairobi Stock Exchange

199 Stock Exchange of Mauritius

211 Uganda Securities Exchange

221 Bourse Rgionale des Valeurs Mobilires

230 The Namibian Stock Exchange

241 Khartoum Stock Exchange

253REPORT AND FINANCIAL

STATEMENTS


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Proles of ASEA

ExecutiveCommittee

Members


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Joseph S. Kitamirike

Mr. Kitamirike is the Chief Executive of Uganda Securities Exchange, having been appointed

in August 2010.

In his previous assignments he worked as CEO of National Housing & Construction Company

between 2005 and 2010, as Commissioner for Industry & Technology between 2003 and 2005

and as a Research Analyst at General Electric Capital Corp., Stamford, Connecticut. He also

worked with Uganda Development Bank and Uganda Investment Authority in the 1990s.

Mr. Kitamirike holds a B.Sc. (Eng.) (Hons.) in Mechanical Engineering and an MBA (Finance)

from the University of Connecticut, USA.


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8ASEA Yearbook 2009

Geoff Rothschild CA (SA), Chartered Marketer (SA)

Director: Government & International Affairs

Geoff Rothschild is an immediate past Chairman of the JSE and was a member of the board

from 1991 - 2008. Geoff currently holds the position of Director: Government and International

Affairs promoting the JSE. After qualifying as a Chartered Accountant he spent 30 years in

the stockbroking industry with Sasn Frankel Pollak Securities. Initially he was in charge of

administration, followed by the positions of Financial Director, Joint Managing Director and

nally Marketing Director.

Geoff focuses on African Stock Exchanges, has chaired the Committee of SADC SouthernAfrican Developing Countries) Stock Exchanges (CoSSE) since 2004, is Deputy President of the

African Stock Exchange Association (ASEA). He is a Director of the NEPAD (New Partnership

for Africas Development) Business Foundation and is on their Operating & Audit Committees.

He is a Council Member of the National Advisory council for Innovation (NACI) which advises

the Minister of Science and Technology and an Honorary Fellow of the Da Vinci Institute of

Technology. Besides this he also assists with various charitable organisations for example

NOAH (Nurturing Orphans of Aids for Humanity, CHOC (Childhood Cancer Foundation),

Education Africa, the Nelson Mandela Childrens Hospital, and the Football Foundation ofSA.


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Mr. Ekow Afedzie

MR. EKOW AFEDZIE, is currently the Deputy Managing Director of the Ghana Stock Exchange.

He was educated at the University of Ghana, Legon, Ghana where he obtained a Masters Degreein Business Administration in 1989. He joined the Ghana Stock Exchange in 1990 when it was

established and has risen through the ranks to become the Deputy Managing Director of the

Stock Exchange.

He is the immediate past Vice President of the African Securities Exchanges Association (ASEA)

and currently a member of the Executive Committee of ASEA.

Mr. Afedzie has been one of the strong pillars behind the growing success of the Ghana Stock

Exchange. He is experienced in stock market operations and has participated in many

international conferences on Stock Market issues. He has also made contributions to local and

international research on stock markets, and presented papers on stock market operations at

many local and international fora.

Mr. Afedzie was the Project Manager for the recent automation of the Ghana Stock Exchange

and he is currently coordinating the Integration of West Africa Stock Markets and the

demutualization projects at the Exchange.


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10ASEA Yearbook 2009

Peter K. Mwangi, CFA

Peter Mwangi is the Chief Executive of the Nairobi Stock Exchange. He is also a Director of

the Central Depository and Settlement Corporation in Kenya, and a Member of the ExecutiveCommittees of both the African Securities Exchanges Association (ASEA) and the East African

Securities Exchanges Association (EASEA).

Before joining the Exchange, Peter was the Managing Director of Centum Investment. Centum

is the largest publicly quoted investment company in the East African region.

Peter holds a Bachelor of Science degree in Electrical Engineering from the University of

Nairobi. He is a Certied Public Accountant of Kenya and a CFA charterholder.


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Sunil Benimadhu

Sunil Benimadhu is the Chief Executive of the Stock Exchange of Mauritius (SEM). He has

also spearheaded the project to enable the SEM join the World Federation of Exchanges, a key

standard-setter in the stock exchange industry. Sunil has been elected President of the African

Securities Exchanges Association (ASEA) on the 30th

August 2010. He was a member of the

Executive Committee of the South Asian Federation of Exchanges (SAFE), and the Chairman of

the SADC Committee of Stock Exchanges (COSSE). Sunil is also a regular speaker on emerging

markets and on African markets in international stock exchange conferences.

Before joining the SEM, Sunil worked in the Treasury Department of the African DevelopmentBank (ADB). He was the General Manager of the National Mutual Fund Limited in Mauritius

and played an instrumental role in the structuring, marketing and setting up of the National

Investment Trust Limited, one of the largest investment trusts listed on the Exchange.

Sunil Benimadhu holds a MBA in Finance and Investment from the University of Illinois,

United States. He also holds a D.E.A in Development Economics and a Matrise in Macro-

Economics from the University of Aix-Marseille, France.

THE STOCK EXCHANGEOF MAURITIUS LTD


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Africa is increasingly being viewed by investors worldwide as a very promising investment

destination with strong present and future growth potential. The continents rise to

prominence as an attractive investment destination stems from the conjunction of a

number of key positive factors.

Africa is home to 25% of the worlds resources and is well-positioned to gain from the

gradual shift of the balance of economic power from the West to the East, pointing to

an increased demand for Africas resources from the highly populated and fast growing

economies of the East.

Many African countries have achieved growth rates exceeding 5% in recent years and

have embraced fundamental structural reforms programmes that have set them rmly on

the path of strong and sustainable future growth. African stock markets have been among

the best performers between 2000 and 2010, offering local and international investors

annualized double-digit returns in US dollar terms. Growth prospects in the developed

world look anaemic at best and international investors are growingly looking for superior

returns outside of their traditional markets. African countries and African stock markets

are considered as the last growth frontier in the world.

The key to maintaining sustained interest in the continents investment opportunities,

in my view, lies in the commitment to an African vision that involves the pursuit ofexcellence at all levels, the embracement of democratic principles and good governance at

Presidents Letter

Sunil Benimadhu

President,African Securities

ExchangesAssociation


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the highest decision-making levels, the implementation of inclusive growth that improves theliving standards of all social classes and the continued improvement of the business climate

in Africa.

The prominent role of African Stock Exchanges in harnessing Africasgrowth opportunities

African Stock Exchanges will be called upon to play an increasingly important role in the

coming years to accompany and reinforce the transformational process in Africa. Stock

Exchanges can become powerful platforms for capital raising by both African companies aswell as international companies operating out of Africa and contribute in a meaningful way

to the democratization process of African countries by enabling a larger pool of Africans to

obtain a stake in the listed companies, benet from their growth potential and become actors

of Africas transformation.

During the 2005-2010 period, stock markets in Africa have played an increasingly important

role in providing capital to the private sector, particularly in the nancial services and

telecommunications sector. Between 2007 and 2009, over USD 10 billion of share capital

was raised across 18 Stock Exchanges, mostly through the listing of 170 new companies. The

ten largest markets is Africa have seen their market capitalization grow from USD 222 billion

to over USD 700 billion from 2002 to 2008, achieving an annualized growth rate of 18%

during this time frame. Stock Exchanges have also played an important role in providing local

savers, alternative investment vehicles to the traditional bank deposits that were hitherto the

only form of organized investment instrument available.

As the interest on Africa as an attractive investment destination gathers further momentum,

it would be interesting for ASEA, as the apex body of Stock Exchanges in Africa, to reecton a value-enhancing action plan that can strengthen the role of African Stock Exchanges in

harnessing Africas growth opportunities.

The ten largestmarkets is

Africa have seen

their market

capitalization grow

from USD 222 billion

to over USD 700

billion from 2002 to

2008, achieving an

annualized growth

rate of 18% during

this time frame.


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ASEA: Shaping up the future of African Exchanges

ASEA has steadily raised its prole over the years, growing in number and succeeding

in attracting new Exchanges to join the Association. Moreover, ASEA has successfully

implemented a number of key initiatives to raise the visibility of African Exchanges at the

international level and has actively participated with other institutions to sponsor events

linked to the promotion of African Stock markets. Going forward, ASEA can further crystallise

the growing interest on Africa by pursuing the following initiatives:

1. ASEA should position itself as the organization of reference and of choice for any

investor who is willing to obtain rst hand information on African markets. To achieve

this objective, it is fundamental that ASEAs website becomes a key source of dynamic

and updated information for the international investment community.

2. The experience of other similar regional international associations such as the World

Federation of Exchanges (WFE) clearly underscores the importance of having a

permanent secretariat which is entirely devoted to the activities of the Association andis responsible for implementing the plan/vision set by the Executive Committee of

ASEA. The need of setting up a Permanent Secretariat to drive ASEAs agenda and

scale up ASEAs activities in a meaningful way needs to be discussed.

3. ASEAs Secretariat needs to undertake a thorough assessment of the activities and

organisational aspects of other Exchange associations in other parts of the world and

come up with a proposal of activities that ASEA may need to pursue to scale up its

activities.

4. ASEA needs to endorse the important role of increasing the visibility of African markets

at the international level. The different ways and means of achieving this objective

need to be discussed and a concrete action plan for the next two years be determined.

ASEA should

position itself as

the organization

of reference

and of choice

for any investor

who is willing to

obtain rst handinformation on

African markets.


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5. ASEA needs to nalise discussions with a major index provider to come up with credibleAfrican Index that will be jointly owned with the Index provider. This African Index needs

to emerge as an attractive benchmark for investors investing on African Stock markets.

This index could be used as the reference index for the setting up of an attractive African

ETF that can be listed on different African Exchanges.

6. There is a need to attract more members to the Association, while ensuring a greater

commitment of existing members to the objectives of the Association.

7. ASEA needs to give its support to initiatives that aim at achieving greater integration among

African markets.

Changes in the Executive Committee

ASEA has witnessed some important changes at the level of the Executive Committee in the course

of 2010. The immediate former Vice President, Mr. Simon Rutega resigned from his position as

the Chief Executive Ofcer of the Uganda Securities Exchange on July 1 2010. On July 14 2010,

Mr. Maged Shawky Sourial who served as the President of the Association from 2005 to 2009,

resigned from his position as Executive Chairman of the Egyptian Exchange. On August 5 2010,the immediate former President, Professor Ndi Okereke - Onyiuke vacated her position as the

Director General of the Nigerian Stock Exchange. I had the privilege of serving on the Executive

Committee with all of them and I would like to take this opportunity, on behalf of the Association,

to applaud them for their service and contribution towards the development of Africas capital

markets. I also want to wish them the best in their future endeavours. During the 20th Executive

Committee meeting on August 30 2010, in Mbabane, Swaziland, your Executive Committee

appointed me as President and Mr. Geoff Rothschild as the Deputy President. We also welcome

on the Executive Committee, the following new members, Dr. Khaled Seery Siam, Mr. JosephS. Kitamirike, and Mr. Emmanuel Ikazoboh, representing the Egyptian Exchange, the Uganda

Securities Exchange and the Nigerian Stock Exchange, respectively. We look forward to working

with the new members of the Executive Committee to take the Association to the next level.


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MembershipsIn the year under review, the Association has admitted the following three securities exchanges:

Bolsa de Valores de Cabo Verde, Bourse de Tunis and Douala Stock Exchange as full members

of ASEA . The number of ASEA members currently stands at twenty one (21) and represents

twenty seven (27) African States - Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire,

Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi, Mauritius, Morocco, Mozambique,

Namibia, Niger, Nigeria, Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda,

Zambia, and Zimbabwe. The Central Securities Clearing System Ltd of Nigeria is an observer

member and the South Asian Federation of Exchanges (SAFE) is an afliate member. In August

2010, The ASEA Executive Committee approved the request of the Swaziland Stock Exchange

for a voluntary suspension of its memebership.

Events

The 14th

ASEA Annual Conference will be held hosted by the Lusaka Stock Exchange (LUSE ) at

Livingston, Zambia, from 11 12 November 2010. The theme of the Conference is Integration

of African markets through technology. On behalf of ASEA, I would like to express my sincere

thanks and appreciation to LUSE for taking the lead in organizing this conference at a very

propitious time for African Stock Exchanges. This year again, ASEA has partnered with Africa

Investor (Ai) for the 2010 Ai Index Series Roundtable and Awards, that were held at the premises

of NYSE Euronext in New York on September 17 2010. The Ghana Stock Exchange scoped the

accolade for the most innovative African stock exchange in 2010. The Mauritius Financial

Services Commission was awarded the best African market regulator in the year.


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AppreciationIn closing, I would like to express my sincere appreciation to your continuing commitment

and support to the Association. We are all well aware that we would not have accomplished

as much, without the dedicated efforts of the Executive Committee members, the Secretariat

as well as all ASEA members.

I would like to end by quoting extracts of the June 2010 McKinsey Global Institute Report:

Lions on the move: The progress and potential of African economies. Africas growth

acceleration resulted from more than a resource boom. Arguably more important were

government actions to end political conicts, improve macroeconomic conditions, and create

better business climates, which enabled growth to accelerate broadly across countries and

sectors. Africas future growth will be supported by external trends such as the global race

for commodities, Africas increased access to international capital, and its ability to forge

new types of economic partnerships with foreign investors. Long term growth also will be

lifted by internal social and demographic trends, particularly Africas growing labor force,

urbanization, and the related rise of middle class consumers.

Africa is a continent that holds strong present and future promise. ASEA and African StockExchanges have a key role as the prominent drivers of change in Africa.

Sunil BenimadhuPresident

African Securities Exchanges Association

25th October 2010


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Brief onASEA


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riefonASEA

President : Mr. Sunil Benimadhu,

Secretariat : Mr. Donald Ouma

Website : www.africansea.org

Contact : [email protected]

1. Summary of Highlights

1. The Association has initiated discussions with FTSE

Group with a view to partnering in order to develop,

launch and manage a FTSE branded ASEA index.

2. The 13th

Annual General Meeting and Conference of

the Association was held from 2nd 4th December

2009, in Abuja, Nigeria and was hosted by the

Nigerian Stock Exchange.

3. Following the AGM, on December 2nd 2009, the

ofcials of the Executive Committee of the AfricanSecurities Exchanges Association are as follows:-

i. President: Mr. Sunil Benimadhu, Chief Executive

Ofcer: Stock Exchange of Mauritius

ii. Vice President: Mr. Geoff Rothschild, Director:

Government & International Affairs of the JSE

Ltd.

iii. Mr. Joseph S. Kitamirike, Chief Executive

Ofcer of the Uganda Securities Exchange Ltd.

iv. Dr. Khaled Seery Siam, Executive Chairman of

the Egyptian Exchange

v. Mr. Peter Mwangi, Chief Executive of the

Nairobi Stock Exchange

vi. Mr. Ekow Afedzie, Deputy Managing Director

of the Ghana Stock Exchange

vii. Ms. Yvonne Emordi, Principal Manager:

Strategy & New Products: Nigerian Stock

Exchange Ltd.

2. The name of the Association is AfricanSecurities Exchanges Association (ASEA).

3. When was the association created?

The African Stock Exchanges Association (ASEA) was

registered in Nairobi on 13th

November 1993 with the

object of, inter alia, establishing an association for

systematic mutual cooperation, exchange of information,

materials and persons, mutual assistance and jointprograms between the members. The membership of the

association is open to any Stock Exchange or nascent Stock

Exchange located in the African region. The Association

has been holding annual conferences, which are hosted

by different members each year where issues relevant to

the growth of the regional capital markets are addressed.


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BriefonASE

A 4. Where is the secretariat located?

ASEA Secretariat

Nairobi Stock Exchange

Nation Centre, First Floor, Kimathi Street,

PO Box 43633, Nairobi 00100,

Tel: +254 20 2831000

Fax: +254 20 224200

www.africansea.org

5. What is the main role of the association?

1. To establish an association for systematic mutual

cooperation, exchange of information, materials and

persons, mutual assistance and joint programmes

between the members;

2. To promote the establishment of securities exchanges

in all African countries;

3. To promote the development of common standards

of training and professionalism among members of

the Association and other market players;

4. To promote common standards of issuing, listing,

trading and settlement of securities;

5. To facilitate the development and promotion of

products and services for Africas capital markets;

6. To assist members in the promotion and development

of the range of services associated with the capital

markets;

7. To develop and promote a data bank and

information system for the mutual benet of

members;

8. To study, and research on matters of mutual interest

to members;

9. To disseminate information; produce materials in all

media, hold conferences, seminars and exhibitions,

and conduct other public education activities

relevant to the interests of members;

10. To ensure that the views and interests of the

Association are promoted in the appropriate

worldwide fora; and

11. To do all other things, not inconsistent with the

foregoing as shall promote the objects and powers.

6. Members of the Association

Full Members

1. Bolsa de Valores de Cabo Verde

2. Bolsa de Valores de Moambique

3. Botswana Stock Exchange

4. Bourse de Casablanca

5. Bourse de Tunis

6. Bourse Rgionale des Valeurs Mobilires de lAfrique

de lOuest


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riefonASEA

7. Dar-es-Salaam Stock Exchange

8. Douala Stock Exchange

9. Egyptian Exchange (formerly Cairo and

Alexandria Stock Exchanges)

10. Ghana Stock Exchange

11. JSE Ltd

12. Khartoum Stock Exchange

13. Libyan Stock Market

14. Lusaka Stock Exchange

15. Namibian Stock Exchange

16. Nairobi Stock Exchange

17. Nigerian Stock Exchange

18. Malawi Stock Exchange

19. Uganda Securities Exchange

20. Stock Exchange of Mauritius

21. Stock Exchange of Swaziland (following a voluntary

request, suspended since August 30 2010)

22. Zimbabwe Stock Exchange

Observer Member

1. Central Securities Clearing System Ltd. (Nigeria)

Afliate Member

1. South Asian Federation of Exchanges (SAFE)

The full members represent twenty seven (27) African states

- Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire,

Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi,

Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria,

Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia,

Uganda, Zambia, and Zimbabwe.

The African states which the ASEA members represent belong

to the following regional economic groupings within Africa

alone

Economic and Monetary Community of Central Africa

(CEMAC)

Intergovernmental Authority on Development (IGAD)

Southern African Development Community (SADC)/

Southern African Customs Union (SACU)

West African Economic and Monetary Union (UEMOA)

Community of Sahel-Saharan States (CEN-SAD)

East African Community (EAC)


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BriefonASEA Economic Community of Central African States

(ECCAS)

Economic Community of West African States

(ECOWAS)

Middle East Free Trade Area (MEFTA);

7. Conferences

The Nigerian Stock Exchange (NSE) hosted the thirteenth

(13th) Annual Conference of the African Securities

Exchanges Association (ASEA) which took place at the

Transcorp, Hilton in Abuja, Nigeria from 2 4 December

2009. The theme of the conference was GLOBAL CRISIS:

Opportunities for African Capital Markets.

Participants were welcomed to the conference by the

Minister of State for Finance, Planning and Economic

Development (General Duties), of the Republic ofUganda, Hon. Fred Jachan Omach. The President of the

Republic of Uganda, His Excellency President Yoweri

Kaguta Museveni ofcially opened the Conference. The

President stressed the need for stock exchanges to be at

the forefront of providing avenues for mobilizing savings

and investments from which African governments can

benet by raising funds through issuance of bonds to

fund infrastructure.

On September 17 2010, ASEA partnered with Africa

Investor (Ai) for the 2010 Ai Index Series Roundtable and

Awards, that were held at the premises of NYSE Euronext

in New York. The Ghana Stock Exchange scoped the

accolade for the most innovative African stock exchange

in 2010. The Mauritius Financial Services Commission

was awarded the best African market regulator in the

year.

8. Upcoming Conferences

The fourteenth (14th) ASEA AGM and Conference will

be hosted by the Lusaka Stock Exchange in Zambia. The

theme of the conference is Integration of African Markets

through technology.

The caption for the photograph should read, Hebatallah El Sera: Head

Research & Markets Development: Egyptian Exchange collects the

award for Juhayna Food Industries Egypt, which won in the category

for Best African IPO.


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B

riefonASEA

9. Which are the governmental bodies at thenational or international level that theassociation interacts with, if any?

Partnerships and Alliances

1. Cooperate with other regional bodies such as the New

Partnership for Africas Development (NEPAD), and

the United Nations Economic Commission for Africa

(UNECA) to promote the role of the Association in capitalmobilization and economic development strategies by:

a. Issuing joint publications or papers;

b. Organizing joint events discussing issues on the

African investment front;

c. Displaying our publications at their events;

d. Having hyper links on their websites to the ASEA

website

2. Ensure presence in the Regional bodies such as CEMAC,

COMESA, EAC, ECOWAS, MEFTA, SADC and UEMOA.

3. Cooperate with other signicant associations in the

exchange industry, such as World Federation of Exchanges

(WFE), International Organization of Securities

Commissions (IOSCO), the Federation of Euro-Asia

Stock Exchanges (FEAS), the South Asian Federation of

Exchanges (SAFES), exchange associations in the Greater

Arab Free Trade Area (GAFTA) and the Gulf Cooperation

Council (GCC) in the following areas:

a. Attend their conferences and meetings;

b. Apply for afliate membership;

c. Display our publications at their events;

d. Having hyper links on their websites to the ASEA

website.

Branding and Promotional Events

1. Create a distinct corporate brand and identity for the

ASEA to be available on relevant publications and for

sponsorships of relevant events;

2. Record a professionally, done promotional video

providing a brief about ASEA and its member exchanges

which serves as a promotional tool for ASEA to be played

at all our conferences and road shows;

3. Conduct an annual road show to promote ASEA as

well as the individual members capital markets mainly

covering;

4. Intensify the cooperation with African Investor and other

similar organizations through the following:

a. Preparation of periodical articles to be published in

their magazine and newswire;


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BriefonASEA b. Aligning their events to promote the Association

either through an attached or separate event or a road

show to leverage on the attendees at their events at

more affordable costs to the Association;

c. Displaying our publications at their events.

Information Services

1. Continue to upgrade and update the ASEA website;

2. Provision of ASEA statistics to reputable global data

vendors such as Bloomberg, Reuters, and Thompson

Watch, amongst others.

Publications

1. Print a brochure about ASEA (other than the annual

yearbook) that can be distributed in events or sent to key

people in the eld to increase awareness of ASEA;

2. Continue to issue the ASEA yearbook with more

informative data, which conforms to global international

standards and facilitates the investment decision making

process of the regional and global investor.

Membership Drives

1. Approach nascent and existing African Exchanges to offer

them our technical assistance and membership.

2. To encourage co-operation among the members in order

to promote the development.


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ASEA Member Countries

Main EconomicIndicators


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South Africa

Indicators 2007 2008 2009

Population (million) 49.3

Real GDP (USD) (millions) at market exchange rates 211,240.00

Ination rate (%) 7.1

Net Foreign Direct Investment (USD) (Millions) 4130.00

Unemployment rate (%) 24.3

Interest Rate (T-Bills) 8.0

Exchange rate (local currency versus US$) 8.4

Cape Verde


Population (million) 0.49 0.50 0.51

Real GDP (USD) (millions) at market exchange rates 1,513.00 1,747.00 1,768.00

Ination rate (%) 8.60 6.10 4.00

Net Foreign Direct Investment (USD) (Millions) 15,309.78 15,934.07 9,492.38

Unemployment rate (%) 21.00 17.80 13.10

Interest Rate (T-Bills) 3.63 3.63 3.63

Exchange rate (local currency versus US$) 75.32 74.84 76.01


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MainEconomic

Indicators

Botswana




Ination rate (%) 7.80 12.10 6.40

Net Foreign Direct Investment (USD) (Millions) -76.39 -137.36 Not Available

Unemployment rate (%)

Interest Rate (T-Bills)


Morocco


Population (million)

Real GDP (USD) (millions) at market exchange rates

Ination rate (%)

Net Foreign Direct Investment (USD) (Millions)


Interest Rate (T-Bills)Exchange rate (local currency versus US$) 7.7132 8.0983 7.8602


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MainEconomic

Indicators

TunisiaIndicators 2007 2008 2009

Population (million) 10.255 10.329


Ination rate (%) 3.20 5.00 3.70

Net Foreign Direct Investment (USD) (Millions) 2070.80 3398.70 2278.70




Tanzania

Indicators 2007 2008 2009Population (million) 40,683


Ination rate (%) 6.90 12.50 12.50

Net Foreign Direct Investment (USD) (Millions)


Interest Rate (T-Bills) 11.4 10.99 6.14%Exchange rate (local currency versus US$) 1,233.00 1,354.00 1,320.00


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MainEconomic

Indicators

Cameroun


Population (million) 16 18.5 19.1

Real GDP (USD) (millions) at market exchange rates 4.00 3.70 2.00

Ination rate (%) 1.10 5.30 3.00

Net Foreign Direct Investment (USD) (Millions) N/A N/A N/A

Unemployment rate (%) N/A N/A N/A

Interest Rate (T-Bills) N/A N/A N/A

Exchange rate (local currency versus US$) 500

Egypt

Indicators 2006/2007 2007/2008 2008/2009


Real GDP (USD) (billion) at market exchange rates 135.06 162.41 189.34

Ination rate (Urban) (%) 8.60 20.20 9.90



Interest Rate (91 Days T-Bills) % 6.781 9.675 10.156



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MainEconomic

Indicators

Ghana



Real GDP (USD) (millions) at market exchange rates 13.4b 14.00bn 15.13bn

Ination rate (%) 10.20 18.10 16.00

Net Foreign Direct Investment (USD) (Millions) N/A N/A N/A

Unemployment rate (%) 20 11 11

Interest Rate (T-Bills) 10 17.4 22.53


Libya



Real GDP (USD) (millions) at market exchange rates 86,288.90

Ination rate (%) 2.40




Exchange rate (local currency versus US$)


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MainEconomic

Indicators

Zambia




Ination rate (%) 8.90 16.60 9.90

Net Foreign Direct Investment (USD) (Millions) 1,323.90 938.60 699.15



Exchange rate (local currency versus US$) 3910 4985 4730

Mozambique


Population (million) 16,10 21,67 21,80

Real GDP (USD) (millions) at market exchange rates 17.790 18.900 9.899

Ination rate (%) 12,10 11,82 2,25

Net Foreign Direct Investment (USD) (Millions) 427,50 587,10 889,90

Unemployment rate (%) NA NA NA

Interest Rate (T-Bills) 0,16 0,14 11,79

Exchange rate (local currency versus US$) 25,56 24,17 26,71


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MainEconomic

Indicators

Kenya



Real GDP (USD) (millions) at market exchange rates 27,584 34,514 29,988

Ination rate (%) 9.70 26.00 9.24





Mauritius




Ination rate (%) 8.80 9.70 2.50






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MainEconomic

Indicators

Uganda


Population (million) 30,637,544 31,656,865 32,669,885


Ination rate (%) 6.10 12.00 13.00




Exchange rate (local currency versus US$) 1698 1940 1907

Bourse Rgionale des Valeurs Mobilires


Population (million) NA NA 80.34

Real GDP (USD) (millions) at market exchange rates NA NA 41,020

Ination rate (%) NA NA 1.30

Net Foreign Direct Investment (USD) (Millions) NA NA

Unemployment rate (%) NA NA NA

Interest Rate (T-Bills) NA NA

Exchange rate (local currency versus US$) NA NA 450


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MainEconomic

Indicators

Namibia




Per Capita 3,871 2,993 3,797

Ination rate (%) 6.60 10.30 6.70

Net Foreign Direct Investment (USD) (Millions) 761 639 594

Unemployment rate (%) 48 31.1 50%



Sudan


Population (million) 37,200,000 39,200,000 39,200,000

Real GDP (USD) (millions) at market exchange rates 56,166,256,157.63 58,599,495,412.80 66,132,633,928.60

Ination rate (%) 8.10 14..3 11.20

Net Foreign Direct Investment (USD) (Millions) 3,034.12 2,600.50 2,436.34





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Member

ExchangeProles


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Prole

Website www.jse.co.za

Market Regulator Financial Services Board

Address JSE Ltd, One Exchange Square, Gwen Lane, Sandown, South Africa

Trading Session hours (local time) 09:00 - 17:00

Time Zone GMT + 2.00

Contact Person for ASEA Geoff Rothschild

Telephone 27115207114

Fax 27115208998

E-mail [email protected]

Name of Local Currency South African Rand ( ZAR )

Tax Rates (dividends, interest, capital gain)No tax imposed on dividends for Non Residents, Interest= 12%. Roy-

alties , Visiting Entertainers =15%

Commodities Exchange Commodities Derivatives Exchange

JSE Limited

JSELimited

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37

dd

Section One : Trading Statistics

Currency: USD

Table 2: Trading equity Statistics


Total value traded 377,868,627,473.65

Total volume traded 82,588,166,139.00

Total number of transactions 20,950,750.00

Number of listed companies 410

Number of traded companies 390

Market Capitalization (billions) end of year 801.27

Market Capitalization as % of GDP 29.30%

Turnover Ratio (%) * 47.9

* Turnover Ratio (%)= value traded of listed securities/market capitalization

Table 3: Investors Type

Foreigners vs. Local InvestorsNote:- Figures based on foreign trading statistics.

Type of Investors % of the Total Value Traded

2007 2008 2009

Foreign Investors 17.4

Local Investors 82.6

Total % 100%

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Insitutions vs.Individuals

Institutions N/A

Individuals N/A

Total % N/A

Table 4: Sectors Traded

Sectors traded on the Stock Exchange Number of companies included in each sector

2007 2008 2009

Airlines 2

Aluminium 1

Apparel Retailers 5

Asset Managers 4

Auto Parts 2

Banks 8

Brewers 2

Broadcasting & Entertainment 3

Broadline Retailers 5

Building Materials & Fixtures 19

Business Support Services 12

Business Training & Employment Agencies 4

Clothing & Accessories 3

Coal 4

Commercial Vehicles & Trucks 2

JSELimited

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2007 2008 2009

Computer Hardware 2

Computer Services 17

Consumer Electronics 2

Consumer Finance 3

Containers & Packaging 4

Conventional Electricity 2

Corporate Debt 1

Diamonds & Gemstones 8

Distillers & Vintners 2

Diversied Industrials 5

Diversied REITs 1

Drug Retailers 1

Electrical Components & Equipment 8Electronic Equipment 6

Equity Investment Instruments 12

Farming & Fishing 9

Financial Administration 1

Fixed Line Telecommunications 2

Food Products 9

Food Retailers & Wholesalers 4Forestry 1

Furnishings 1

JSELimited

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2007 2008 2009

Gambling 3

General Mining 21

Gold Mining 15

Health Care Providers 2

Heavy Construction 15

Home Construction 1

Home Improvement Retailers 6

Hotels 6

Industrial & Ofce REITs 1

Industrial Machinery 6

Industrial Suppliers 7

Insurance Brokers 1

Integrated Oil & Gas 3Internet 1

Investment Services 15

Iron & Steel 6

Life Insurance 6

Marine Transportation 2

Medical Supplies 1

Mobile Telecommunications 5Mortgage Finance 1

Nonferrous Metals 5

JSELimited

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2007 2008 2009

Other Securities 1

Paper 3

Personal Products 2

Pharmaceuticals 4

Platinum & Precious Metals 10

Preference Shares 8

Property & Casualty Insurance 4

Publishing 5

Real Estate Holding & Development 24

Restaurants & Bars 3

Retail REITs 5

Software 5

Specialised Consumer Services 2Specialty Chemicals 7

Specialty Finance 7

Specialty Retailers 1

Telecommunications Equipment 4

Tobacco 1

Transportation Services 5

Travel & Tourism 1

Trucking 1

Waste & Disposal Services 1

JSELimited

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Table 5: 5 Most Active Sectors in 2009

# Sectors Value Traded

1 Mining 964,455,564,197

2 Banks 289,538,970,141

3 Mobile Telecommunications 233,369,433,615

4 Oil & Gas Producers 150,787,449,352

5 General Retailers 106,980,286,969

Section Two: Bonds Statistics

Table 6: Bonds Statistics

Bonds 2007 2008 2009

Total Value traded 1,813,781,495,431

Value traded on governmental bonds 1,655,390,886,101

Value traded on corporate bonds 158,390,609,330

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Section Three : Trading System

Please specify the Name of the Trading System

used by the Stock Exchange - JSE TradElect & Nutron

Is this system locally developed - No

Or bought? - Yes

If bought, who is the Vendor? - LSE for TradElect,

STT for Nutron

Year of implementing the system - 2007 Equities,- 2009 Derivatives

Section Four : Clearing and Settlement

Where do Clearing & Settlement take place? - JSE - For cash equities

and bonds

- SAFCOM (a wholly owned subsidiary of

the JSE)

- For Derivatives

If Separate Company please mention its name -

Is this system locally developed - For cash markets locally developed

or bought? - For Derivatives - bought

If bought, who is the Vendor? - STT

Year of implementing the system: - Equities- 1988,

- Derivatives,2009 and 2010

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Clearing and Settlement is conducted in:

T+ 2 - T + 3 for cash bonds

T+ 3 - T+ 5 for cash equities

Others - N/A

Section Five : Products traded on the Stock Exchange

Types of markets in your Stock Exchange

Equity Market YES

Derivative Market YES

Bond Market YES

Table 7: Products

Description of the Product

Equity Index Future Futures and Options on listed FTSE/JSE Indices

Single Stock futures and Options Futures and Options on listed FTSE/JSE Shares

IDX Single Stock Futures Futures on Interantionally Listed Shares

IDX Dividend Futures Dividend Futureas on listed IDX Single Stock Futures

Krugerrand Futures and Options Futures and Options on the JSE Listed Krugerrand

Spot Bonds Spot and Forward Bonds

Bond Index Futures and Options Futures and Options on Bond Indices

Repos Repo on Bonds

JSELimited

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Carries Carries on Bonds

Currency Futures and Options Futures and Options on currencies

Dividend Futures on Single Stock Futures Dividend Futures on listed Single Stock Futures

Can do Futures and Options Customised Futures and Options on any JSE listed Product

Notes Futures on Notional Swaps

Swaps Bond lookalike swaps

FRAs Futures on FRAs

IDX Single Stock Futures

Rods Overnight Interest Rate Swaps

ETFs Exchange Traded Funds

Agricultural Commodities White And Yellow Maize,wheat, sunower seeds and soyabeans

Foreign Referenced Commodidites Chigaco corn contract

Section Six : Trading Mechanism

Margin Trading N/A

Intraday Trading Yes

Online Trading Electronic order book

JSELimited

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Section Seven : Indices

Table 8: Indices

Index Name Index Type (Price Index, Sector Index,..etc)

FTSE/JSE All Share Price

FTSE/JSE Top 40 Price

Closing 2008 Closing 2009 % change

FTSE/JSE All Share 21,509.20 27,666.45 28.63%

FTSE/JSE Top 40 19,444.40 24,996.97 28.56%

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47

Section Eight : IPOs

2008

Company Date of IPO Value of IPO ($ million)

None N/A N/A

Note:- Based on newly issued & resale shares for Private & Preferrential placements.

2009


New Europe Property Investments Plc 4/17/2009 41

Efcient Financial Holdings Ltd 4/20/2009 5

Vodacom Group Ltd 5/18/2009 9,211

MAS Plc 8/31/2009 13

Paladin Capital Ltd 9/1/2009 83

Fotress Income Fund Ltd A 10/22/2009 189

Fotress Income Fund Ltd B 10/22/2009 21

2008

Company Date of issue Face Value of issue ($ million)

2009Company Date of issue Face Value of issue ($ million)

Refer to the sheet named Newly Issued Bonds

JSELimited

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Section Nine : 2008 Rankings of Top 5 Trading Participants

Ranking Stockbrokerage Units Purchases Sales Total

$ $ $

1 Deutsche Securities (Pty) Ltd 35,808,165,645 36,286,870,233 72,095,035,878

2 Credit Suisse Standard Securities (Pty) Ltd 34,194,946,793 32,298,153,825 66,493,100,618

3 JP Morgan Equities Ltd 26,197,505,519 26,538,579,844 52,736,085,363

4 Citigroup Global Markets (Pty) Ltd 25,607,269,774 24,841,853,468 50,449,123,243

5 UBS South Africa (Pty) Ltd 23,763,015,047 23,690,820,408 47,453,835,456

2009 Rankings of Top 5 Trading Participants

Note:-Based on the top 5 broking companies

Ranking Stock brokerage Units Purchases Sales Total

$ $ $

1 Merrill Lynch South Africa (Pty) Ltd 8,494,976,750 5,865,473,431 14,360,450,180.90

2 Deutsche Securities (Pty) Ltd 8,403,702,882 6,328,463,731 14,732,166,613.12

3 Credit Suisse Standard Securities (Pty) Ltd 7,727,572,793 5,938,820,797 13,666,393,589.56

4 Citigroup Global Markets (Pty) Ltd 6,161,358,112 5,645,962,250 11,807,320,361.92

5 Investec Securities Ltd 5,081,589,171 3,480,001,865 8,561,591,035.61

JSELimited

JSELimited


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49

Johannesburg Stock Exchange

some of the achievements in 2009

January 2009 Launch of cash-settled CME Group-referenced corn contract

February 2009 Launch of Africa Board and listing of Trustco Holdings (Namibian Company) on the board

July 2009 Acquisition of the Bond Exchange of South Africa and successful integration

August 2009 Launch of FTSE/JSE Capped Ra All Share index

October 2009 Launch of cash-settled CME Group-referenced platinum, gold and oil contractsNovember 2009 Launch of Jibar futures contract (a product similar to the Libor )

December 2009 Zero failed trades in the equities market during the course of 2009. 9

Ongoing plans of the Johannesburg Stock Exchange

The JSE continues to focus on building client relationships by enhancing the value of the various service offerings while keeping

costs under control, ensuring continuous improvement and building a sustainable business model with both depth and breadth.

Through all of this strength of regulation and quality of service are non-negotiable.

Specic initiatives for 2010 include the following:

Continued focus on educating retail investors about stock market investment in order to increase the pool of retail

investors;

Investigation of new products and services such as Remote Membership, FIX Enablement and FIX Gateways;

Further upgrades to technology and systems;

Continuation of the T+3 initiative (with the aim of moving the SA equities market to a T+3 settlement cycle);

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Introduction of futures contracts on African equity underlyings;

Continue bringing new products to the market (i.e. international-referenced commodity offerings - corn, platinum, gold

and corn contracts - launched in January and October 2009);

Continued focus on bringing new companies to market as well as enhancing the perceived value received by currently

listed companies;

Examine new ways of delivering data to international/remote clients to increase ease of data access

Engage with market participants to encourage clearing of OTC positions through the JSEs central counterparty

clearinghouse, SAFCOM.


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51

Bolsa de Valores de Cabo Verde

Website www.bvc.cv

Market Regulator General Auditor of Securities Market - AGMVM (Cape Verde)

Address 16th

Floor, Lg Europe, Achada Santo Antnio, P O Box 115/A Praia CAPE

VERDE

Trading Session hours (local time) 8:30 am - 3:00 pm

Time Zone Greenwich Mean Time - 1 hours

Contact Person for ASEA Manuel Lima

Telephone +238 2603030

Fax +238 2603038


Name of Local Currency ECV - Capeverdian Escudos

Tax Rates (dividends, interest, capital gain) dividends 0% (domestic investors and foreign investors); interest-Corpo-

rate Bonds 5%; interest-Treasury Bonds 5% capital gains 15%

Commodities Exchange N/A

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Table 2: Trading Equity Statistics

Currency: USD


Total value traded (USD) 19,787,709.70 23,083,805.82 4,520,999.01

Total volume traded 269,040.00 259,948.00 53,382.00

Total number of transactions 224.00 309.00 310

Number of listed companies 4 4 4

Number of traded companies 4 4 4

Market Capitalization (billions) end of year 0.12 0.13 0.13

Market Capitalization as % of GDP 8.15% 7.63% 7.54%

Turnover Ratio (%) * 0.161 0.173 0.034



Foreigners vs. Local Investors


2007 2008 2009

Foreign Investors N/A N/A N/A

Local Investors N/A N/A N/A

Total % N/A N/A N/A

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oVerde

Valores

oVerde

Insitutions vs.Individuals

Type of Investor of the Total Value Traded

2007 2008 2009

Institutions N/A N/A N/A

Individuals N/A N/A N/A

Total % N/A N/A N/A



2007 2008 2009

Main Investment Market Segment (MIMS)

Fuel and Oil 1 1 1

Comercial Banks 2 2 2

Industrial and Allied 1 1 1

Agricultural

Alternative Investment Market Segment

Fixed Income Market Segment

Preference shares

Government of Cape Verde Treasury Bonds 27 20 12

Corporate Bonds 7 8 13

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Bolsad

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# Sectors

1 Comercial Banks

2 Fuel and Oil

3 Corporate Bonds

4 Industrial and Allied

5



Bonds 2007 2008 2009

Total Value traded

Value traded on governmental bonds

Value traded on corporate bonds 4,703,071.37 851,564.11 16,477,848.44


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Bolsa

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Bolsa

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Equity Market Yes

Cash Market

Derivative Market

Bond Market Yes

Table 7: Products

Product (Stocks, Bonds, Funds, ETFs, Derivatives ..etc) Description of the Product

Shares Common shares

Bonds Government and Corporate bonds


Margin Trading


Online Trading

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erde

alores

erde


Table 8: Indeces

Index Name Index Type (Price Index, Sector Index,..etc)

N/A N/A

N/A N/A

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Section Eight : IPOs and Debt Securities

2008


None 0.00

2009


Banco Comercial do Atlantico-Bank (capital Rise) March 2009 4.27

Caixa Economica de Cabo verde-Bank (capital Rise) December 2009 13.73

18.01


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Bolsde

Bolsde

Ranking Bond Transactions Purchases Sales Total

$ $ $

1 Banco Interatlantico, SA 2,016,689 2,019,320 4,036,009

2 Banco Africano de Investimentos CV, SA 1,595,294 1,929,685 3,524,979

3 Banco Comercial do Atlantico, SA 474,517 137,498 612,015

4 Caixa Econmica de Cabo verde, SA 0 0 0

5 Banco Cabo Verdiano de Negocios, SA 0 0 0

Members Contacts are available on the BVC website

www.bvc.cv

BolsadeValo

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res

de res

de

Bolsa de Valores de Cabo Verde

Cape Verde Stock Exchange Background

Introduction

The Cape Verde Stock Exchange (BVC) is a relatively young institution. Created in 1998, it became fully functional in October

of 2005 with the goal to transform Cape Verde into an attractive and competitive nancial platform. The BVC is a public capital

institution, with private rights established under Law n 51/V/98. Its Administrative Board is composed of a President and two

additional non-executive Administrators. The technical body is composed of a General Coordinator and a six member staff.

Presently, the Cape Verde capital market is seeking to transform itself to include the most modern nancial legislation in its

operation thus becoming more competitive at the international level. This transformation calls for a modern, dynamic and

efcient nancial sector to the extent that the development of effective and efcient nancial services should constitute, in

the long term, one of the foundations of the nations economy. Therefore, the Government will continue to attribute strategic

priority to the strengthening of its nancial sector. A nancial sector that is able to induce the growth of the economy. A nancial

sector that is, in itself, an engine of growth.

Financial Benets

Given the strategic importance of the capital market to the Capeverdean economy, a seductive nancial sector was created for

companies and investors interested in investing in the Stock Exchange. As investors, they are exempted from income tax, treasury

securities interest, capital gains and the redemption and sale of units and cash-ow of all of the investment funds, and the capital

gains received over one year of any security. Mortgage registration and operations of the exchange are exempt from stamp tax

and real estate transaction funds are exempt from single tax income on patrimony.

In addition, the interest on listed corporate bonds in the Stock Exchange is taxed 5%; the Capital gains received in less than a

year and deducted capital losses are taxed at 15%, if more than a year, tax is exempt; the listed companies at the stock exchange

have reduced single tax income (IUR) of 20% over 3 years; there are no restrictions to free capital circulation at the Exchange.There also exists an agreement of double taxation between Portugal and Cape Verde. In the near future, we will have additional

agreements with Angola, Brazil, Italy, Macau and Spain.

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Bod

Bod

In a little less than four years of being fully operational, almost 22 operations have been completed resulting in more than

$295,697,822.25 (USD). In 2009, nearly 94% of the total credit granted to the national economy came from the BVC as a resultof various emissions. The BVC has been a valuable and necessary partner to the growth of the Capeverdean economy as well as

the countrys overall development.

Treasury Securities Reform

Treasury securities reform was carried out with the objective to guarantee adequate Government nancing over the long run,

increasing the number of participants in the primary market as well as increasing the potential of saving mechanisms, including:

respective settlement in the secondary market, improving management emissions and creating mechanisms that would permit

the control and effective follow-up of the treasury securities before and after emission. This reform permits all investor directaccess to the primary treasury bond market, having positive implications on Market Capitalization and on the nancial cost to

the State.

Quoted Companies and Market Capitalization

Currently, market capitalization is about $273,277,594.92 (USD) divided amongst four listed securities in the shares section,

thirteen in the corporate bonds segment and eight in the treasury bond segment. Market capitalization, rounds off to 20% of the

Gross Domestic Product (GDP), in accordance with the data from the Bank of Cape Verde.

The listed companies in the shares sector are: Sociedade Cabo-verdiana de Tabacos, a Caixa Econmica de Cabo-Verde, o Banco

Comercial do Atlntico e a Enacol. Up until now, bonds have already been issued by the Government of Cape Verde, Electra,

Tecnicil Real Estate, ASA, Interatlantico Bank, IFH Real Estate, Sogei, and Cape Verde Fast Ferry.

Municipal Bonds

In 2010, municipal bonds were issued, constituting an important chapter to the success of the Capeverdean capital market.

Henceforth, Municipalities will be able to nance themselves through the capital market by issuing municipal bonds. In the

month of June of this year, bonds for the Municipality of Sal were issued in the amount of $2,531,719.04 (USD) with the

Municipality of Praia in the amount of 5,696,367.83 (USD).

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es

e es

e

Negotiation and Settlement System

One of the BVCs major factors in its notable evolution has to do with the technological platforms it uses. How does the Cape

Verde Stock Exchange work? Its functional structure is based on the Quote Driven and Order Driven Systems in concert with

what is occurring in the principle nancial markets such as, Nasdaq in the USA and the Stock Automated Quotations System of

the London Stock Exchange. The BVCs trading system utilizes modern platforms, such as, POS-Light, Sifox Deal and Sifox Back

Ofce, which are also used in the leading Stock.

Partners

Through the years, the BVC has strengthened its principle partners, such as, Euronext Lisbon with central settlement and

custodianship and; Interbolsa, which is an agency of Euronext Lisbon, with the Caixa de Crdito Agrcola and the Instituto

Superior de Economia e Gesto (ISEG) of the Univerdsidade Tcnica de Lisboa. Is it important to note that Euronext Libon

is part of the leading management group for world Stock Exchanges that includes the stock exchanges in New York, Paris,

Amsterdam, Brussels, and the London derivative market-Liffe.

Conclusion

There are still many challenges to be addressed in order for the BVC to reach its potential. This includes the following:

Financial Education: Financial education is perhaps one of the greatest challenges to the capital market in Cape Verde,

as it is a challenge to most markets. It aims to promote a strong nancial culture in Cape Verde by bridging the large decit of

information and knowledge regarding Cape Verdes new economic reality.

Training: In the case of product markets and those nancial instruments least known by many investors, there is a need to

intensify information and training in order to reach into the most remote places and reach everyone who might be interested

in learning more information about the Cape Verde capital market. The BVC considers nancial education is a prerequisite

condition to attract retail investors as well as, a way to boost the secondary market.

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Bd

Bd

Financial and technological innovations: New technologies facilitate the development of strategic alliances between markets in

different countries. They allow access to any International capitalization market, from virtually any location, while enabling theemergence of alternative forms of trading, tending to lower information costs and transaction fees.

Investment : Investment in innovative solutions and diversication of nancial instruments is an additional pillar on which

to structure the future of the BVC. This would include creating a Second Market in the Market without quotations and

Preference Shares. Investment Consultants and Market Makers are other important gures. In the upcoming years, the BVC

promise to look at the feasibility of creating a second market and preference shares in Cape Verde.

Integration of the stock exchange in international markets: The challenge to internationalize the market implies

a focus on norms and setting standards that together represent prerequisite conditions that starting with: (1) an access platform

for the foreign investor, including those in the Cape Verdean Diaspora enabling access of BVC products and services through the

ATM, Internet and Homebanking, in any part of the world; (2) the implementation of a quality system (ISO 9001) accredited by

independent and external entities aiming towards international recognition; (3) International publicity for the Cape Verde Stock

Exchange on major channels aiming towards increased notoriety and in doing so, attracting investors from diverse corners of

the world; (4) Staff training in nancial systems to reinforce staff capacity with the purpose of keeping in step with international

dynamics.

B t St k E h


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Prole

Website www.bse.co.bw

Market Regulator Non-Banking Financial Institutions Regulatory Authority (NBFIRA)

AddressOfce Block 6, Plot 64511, Fairgrounds, Private Bag 00417,

Gaborone, Botswana

Trading Session hours (local time) 0930hrs- 1030hrs

Time Zone GMT +2

Contact Person for ASEA Dudu Garekwe

Telephone (+267) 3180201

Fax (+267) 3180175


Name of Local Currency Pula(BWP)

Tax Rates (dividends, interest, capital gain) 15% withholding tax on dividend, 10% on Interest,

Commodities Exchange N/A

Botswana Stock Exchange


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BotswanaSE


Currency: USDTable 2: Trading Equity Statistics


Total value traded (1) 137,289,240.00 155,103,661.91 114,500,403.03

Total volume traded 124,600,000 193,308,736 167,586,241

Total number of transactions 6,378.00 5,272.00

Number of listed companies (2) 31 31 31

Number of traded companies



Turnover Ratio (%) * 2.9 3.9 2.7



Foreigners vs. Local Investors


2007 2008 2009

Foreign Investors Not available Not available Not available

Local Investors Not available Not available Not available

Total %


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Botswana

SE

Insitutions vs. Individuals

Type of Investor of the Total Value Traded2007 2008 2009

Institutions Not available Not available Not available

Individuals Not available Not available Not available

Total %


Sectors traded on the Stock Exchange Number of companies included in each sector2007 2008 2009

Domestic Board

Banking 4 4 4

Financial Services 3 3 3

Retail & wholesale 5 5 5

Property 3 3 3

Funeral Services 0 1 1

Security Services 1 1 1

Information Tecchnology 1 1 1

Energy 1 1 1

Tourism 1 1 1

Health 1

Foreign board

Financial Services 2 3 3

Mining & Minerals 8 8 8Retail & wholesale 1

Corporate Bonds 18 24 22


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B

otswanaSE


# Sectors

1 Banking

2 Financial Services & Insurance

3 Retail & Wholesaling

4 Mining & Materials

5 Property & Property Trust



Bonds 2007 2008 2009

Total Value traded

Value traded on governmental bonds 15,499,621.20 68,960,500.00 77,056,952.88

Value traded on corporate bonds 17,264,385.00 2,771,188.00 18,854,422.00


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B

otswanaS


Equity Market Yes

Cash Market N/A

Derivative Market N/A

Bond Market Yes

Table 7: Products

Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product

Stocks Ordinary shares

Bonds Government and corporate bonds

ETF Gold Bullion Exchange Traded Fund


Margin Trading


Online Trading

B


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otswana

SE


Table 8: Indices

Index Name Index Type (Price Index, Sector Index)

Domestic company Index Price index. The index returns are based on capital gains/losses all domestic companies listed

on the BSE, valued by full market capitalisation.

Foreign company index Price index. The index returns are based on capital gains/losses all foreign companies listed on

the BSE, valued by full market capitalisation.

Closing 2008 Closing 2009 % change

Domestic company Index 7035.5 7,241.89 2.93

Foreign company index 1191.98 1,418.26 18.98

Section Eight : IPOs and Debt Securities

2008Company Date of IPO Value of IPO ($ million)

Funeral Services Group Limited 1-Sep-08 5.4396

2009


None 0

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2008

Company Date of issue Face Value of issue ($ million)Botswana Government BW 004 12-Mar-08 92.7

Botswana Government BW 005 12-Mar-08 100

Diamonex 28-Jan-08 8.04

Stanbic Bank Botswana Limited 046 11-Jun-08 7.565



Stanbic Bank Botswana Limited 049 13-Aug-08 7.555Stanbic Bank Botswana Limited 052 17-Dec-08 6.41

African Copper 001 2-Apr-08 22.845

Botswana Building Society -14years 3-Dec-08 18.585

Botswana Vaccine Institute 001 7-May-08 10.99

Water Utilities Corporation 001 26-Jun-08 29.6985

Water Utilities Corporation 002 26-Jun-08 31.2215

Total 373.1035

2009

Company Date of issue Face Value of Issue ($ million)

Botswana Government BW 006-3years 9-Sep-09 45

45

Bo


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Section Nine : 2009 Rankings of Top 5 Trading Participants

Ranking Equity Transactions Purchases Sales Total

Stockbrokerage Units $ $ $

1 Stockbrokers Botswana 43,912,548.72 41,253,549.25 85,166,097.97

2 Capital Securitues 41,555,755.81 41,707,106.18 83,262,862.00

3 Motswedi Securities 28,521,413.45 30,204,965.95 58,726,379.40

4 African Alliance Botswana 510,673.55 1,334,770.14 1,845,443.69

5

Members Contacts are available on the BSE website

www.bse.co.bw

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otswana

Exchange Background

The Botswana Stock Exchange (BSE) is Botswanas national stock exchange given the responsibility to operate and regulate

equity and xed interest security market. Formally established in 1989, the BSE trace its humble beginnings to when it was

known as Botswana Share Market (BSM). At that time there was no formal stock exchange in Botswana and the BSM traded as

an informal market. There were only 5 listed entities with a single broking rm. In 1995 the BSE was established. To date the BSE

boosts 32 listed entities, (comprising 21 domestic and 11 foreign companies), 4 broking rms, and a full-time headcount of 21.

The main Law that governs all activities between the Exchange and its members, the proceedings of its Main Committee andits composition, the relationship between the Minister and the Exchange together with the relations between the Registrar, is

the Botswana Stock Exchange Act No: 11 of 1994. The BSE is regulated by the Non-Banking Financial Institutions Regulatory

Authority (NBFIRA).

The members have promulgated Rules (Member Rules) which provide the requirements to be fullled for the securities listed

and traded on the exchange. Member Rules provide as the main objective thereof, to operate a Stock Exchange in Botswana with

due regards to the public interest to maintain fair and efcient dealing in securities for the protection of investors and regulate

the affairs of members.

In addition, the exchange has a set of listing requirements which provide the pre-listing requirements and post listing requirements

to be observed by issuers of listed securities. The emphasis is to make sure issuers disclose as much information to the public and

investors so that the latter can make informed investment decisions.

Latest Achievements

The greatest challenge in world nancial markets in 2009 was that the aftermath of the nancial crisis was still visible, especially

the decline in the performance of stock markets indices during the rst half of the year. Except for a handful, most of the stock

exchanges experienced a decline in market capitalisation, turnover and volume of shares traded during the year 2009.

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A review of the performance of the Botswana Stock Exchange (BSE) indices, proves the year 2009 to have been another challenging

one for the Exchange. The BSEs Domestic Company Index closed the year at 7241.9 points compared to 7035.5 points as at end

2008 appreciating by 2.93% in comparison to an appreciation of 35.9% and a decline of 16.5% in 2007 and 2008 respectively.

As can be expected primary market activity was low in 2009 as a result of the decline in the market. There were no new de/listings

in the equity market. The number of listed companies on the Domestic and Foreign Boards remained unchanged at 31 entities.

The other primary market activities in respect of equities are 5 issues of share incentive schemes and 5 private placements valued

at P175.5m and P3.7 Billion respectively. There was 1 rights issue worth P2.25m and 4 acquisitions valued at P35.4m. Funds

raised through rights issues fell drastically from P85m in 2007 and P64.9m in 2008 to P2.25m in 2009. This was mainly due to

suppressed equity prices in the market.

There were few activities in the debt market in 2009. During Quarter 1, Botswana Building Society listed its 3rd tranche of

BBS005 Fixed Rate Notes raising P150m from the P500m note programme approved by the BSE in 2004. The xed notes attract

an interest rate of 11.20% per annum and mature on 3rd December 2023.

In Quarter 3, the Botswana government listed a P300m bond (BW 006) maturing on 9th

March 2012 with a xed interest rate

of 7.50%. The bond was listed under the P5 Billion programme memorandum of May 2008. The government also increased the

nominal values of BW003 and BW005 by P100m in respect of each bond. As at end of 2009, there were 32 debt securities listed

on the BSE.

The BSE expects an improvement in 2010 in terms of new listings considering the interest shown by companies to list on the BSE.

This would include the listing of Exchange Traded Funds (ETFs).

Dematerialisation of shares on the CSD has been progressing well with 34% domestic company shares being dematerialised as

at 31 December 2009.

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otswan Future Outlook

The BSE will continue to concentrate on its core business and what it has been doing over the past years. The BSE will pay great

attention to the implementation of a strategy that creates a strong foundation for development and growth. Thus, emphasis

has been placed on infrastructure, regulation, market, product and HR development, governance and nancial stability as the

cornerstones of the BSE strategy.

The BSE aims to become a nancial supermarket, meaning it aims to provide the right king of products to suit investor and issuer

so that it meets growing customer demands and challenges of the globilisation of nancial markets. This can be done through

product innovation and diversication. Current products include equities, corporate bonds, Government bonds, and commercial

paper while products being developed are Exchange Traded Products, securitised products and derivatives.

The BSE outlook in the short term:

1. Listing of ETFs

2. Exchange Traded Funds Investor Scheme.

3. In 2009 the BSE commenced the computation of a series of indices, using a free oat methodology.

4. Bond market development.

Initiatives Undertaken

1. Regulatory Review Process

The process of reviewing the BSE Act by the MFDP is still in progress since 2006. The regulatory review process entailed the

new Securities Bill, listing requirements and member rules. The BSE has forwarded its nal comments to MFDP on the proposed

Securities Bill and the new listing rules of the BSE. The BSE is eagerly awaiting the enactment of the securities act legislation to

assist the BSE to proceed with its development plans identied in its strategy.

The Member Rules which initially were to be drafted by Edward Nathan and Sonnenbergs of South Africa will now be drafted by

the BSE internally.

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2. Expanding Investor Base

The market development initiatives of expanding the investor base by educating Batswana about the benets and risks of investingin listed securities continued in 2009. This is in line with the BSEs strategy of increasing the retail investor participation in the

stock market. Taking into account the success of its Roadshows in 2008, the BSE marketing team expanded the investor base by

making presentations and participating in exhibitions at various places around the country.

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Website www.casablanca-bourse.com

Market Regulator CDVM - Conseil dontologique des valeurs mobilire

Address Angle Avenue des Forces Armes Royal et Rue Arrachid Mohamed

- Casablanca - MAROC

Trading Session hours (local time) 9:00 am at 15:35 pm

Time Zone GMT -Greenwich Mean Time-

Contact Person for ASEA KARIM EL ALAOUI Youssef

Telephone +212 522 45 26 26

Fax +212 522 45 26 25


Name of Local Currency MAD - Moroccan DIRHAM

Tax Rates (dividends, interest, capital gain)

Commodities Exchange



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Section One : Trading StatisticsCurrency: USD

Table 2: Trading Equity Statistics


Total value traded (1) (millions) 20,836.18 12,478.50 7,045.94

Total volume traded 218,055,363 210,043,592 211,571,347

Total number of transactions 468,864 469,986 285,252

Number of listed companies (2) 73 77 76

Number of traded companies 72 78 77



Turnover Ratio (%) * 27.41% 19.00% 10.88%

* Turnover Ratio (%)= value traded of listed securities/market capitalization(1) = one way counted-Central Market and Block Market(2) = end of year



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Sectors traded on the Stock Exchange Number of companies included in each sector2007 2008 2009

Shares Market Segment 73 77 76

Banks 6 6 6

Beverages 3 3 3

Chemicals 4 4 4

Construction & Building Materials 6 6 6

Distributors 7 8 8

Electrical & Electronic Equipment 1 1 1

Engineering & Equipment Industrial Goods - 1 1

Food producers & Processors 7 7 7

Forestry & Paper 1 1 1

Holding Companies 3 4 4

Insurance 4 4 3

Investment Companies & Other Finance 8 8 8

Leisures and Hotels 1 1 1

Mining 3 4 4

Oil & Gas 2 2 2

Pharmaceutical Industry 2 2 2

Real Estate 3 4 4

Software & Computer Services 7 7 7

Telecommunications 1 1 1

Transport 2 2 2



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2007 2008 2009Utilities 1 1 1

Wrapping 1

Bonds Market Segment 54 44 41

Bonds convertible into equity 0 0 1

Debenture loan with xed rate 50 38 34

Debenture loan with revisable rate 4 6 6


# Sectors

1 Banks

2 Real Estate

3 Telecommunications

4 Holding Companies

5 Food producers & Processors



Bonds 2007 2008 2009

Total Value traded (millions) 304.52 964.88 1,093.07

Value traded on governmental bonds - - -

Value traded on corporate bonds (millions) 304.52 964.88 1,093.07

Section Three : Trading System


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Please specify the Name of the Trading System used by the Stock Exchange - NSC V900

Is this system locally developed - No

or bought? -

If bought, who is the Vendor? -

Year of implementing the system: - 2008

Section Four : Clearing and Settlement

Where do Clearing & Settlement take place?

The Stock Exchange - Yes

Separate Company -

If Separate Company please mention its name -

Is this system locally developed - Yes

or bought? -

If bought, who is the Vendor? - l

Year of implementing the system: - 2002

Clearing and Settlement is conducted in:

T+ 2 -

T+ 3 - Yes

Others -


7/30/2019 2009 AS

2009 asea yearbook

Documents