Business updates

Communiqué from The Stock Exchange of Mauritius Ltd (SEM) and the Central Depository & Settlement Co. Ltd (CDS) - 3rd April 2020

We refer to the communiqué issued by The Stock Exchange of Mauritius Ltd (SEM) and the Central Depository & Settlement Co. Ltd (CDS) on Thursday 2nd April 2020 informing the market about the order issued by the Financial Services Commission (FSC) to the SEM pursuant to section 133(1) of the Securities Act 2005, to remain closed for securities transactions until further notice.

The SEM and the CDS wish to inform market participants, investors and the public at large that, after having been provided with the additional measures taken by SEM/CDS to operate in the current environment of total lock down, the FSC has today 3rd April 2020 revoked the order of temporary cessation of the operations of the SEM. Trading and settlement activities on SEM and CDS will therefore resume on Monday 6th April 2020.

The functioning of our critical operations as per our business continuity plan ("BCP") will be ensured through the Work From Home (WFM) structure that we have implemented and tested. SEM and CDS have also obtained confirmation by email from the Port Louis Stockbroking Association, custodian banks and settlement banks that they are ready to operate and perform their relevant functions if SEM and CDS resume trading and settlement operations.

SEM and CDS trading and settlement operations will, therefore, continue without interruption under normal trading hours subject to the following conditions:

- Participants have adequate funds in their bank accounts by 10:30 Hrs on each settlement day;
- The relevant settlement banks submit debit instructions to Bank of Mauritius by 11:00 Hrs on each settlement day; and
- Bank of Mauritius transfers the funds among the settlement banks by 12:00 Hrs on each settlement day.

If any of the above conditions is not met at any point in time, SEM and CDS will halt trading and settlement operations forthwith.

While we will use our best endeavours to ensure the continuity of our services in the current difficult conditions, we rely on the full cooperation and understanding of all market participants, investors, issuers and other key stakeholders through these unprecedented circumstances. We thank all our stakeholders for their support in this very trying market environment.

All service providers may reach out to their usual SEM and CDS Engagement Contacts for any queries or concerns relating to their respective businesses.

Investors are advised to exercise caution when dealing in securities in these difficult market conditions and consult their professional advisers.