The Stock Exchange of Mauritius (SEM) has announced a transformative leap in its operations with the launch of SEMX, a dedicated segment on its Official Market designed to accommodate high-growth companies. This strategic initiative aims to empower fast-expanding, profitable businesses by providing them access to SEM’s renowned multi-currency funding platform.
The segment is governed by a tailored set of listing rules that address the requirements of high-growth companies. These rules include provisions for market-making, ensuring adequate secondary market liquidity to enhance the appeal of SEMX-listed companies to investors.
SEMX stands out as an innovative solution tailored to the unique needs of high-growth enterprises. Eligible companies must demonstrate exceptional growth either achieving a minimum compound annual revenue growth rate of 25% over the past three years or doubling revenues over five years. The segment also incorporates market-making mechanisms to ensure liquidity for listed entities, with Tuesday Markets appointed as the inaugural market maker.
The first entrants to the SEMX platform are Africa Eats Ltd, Elite Meat Processors Limited, and Ziweto Holdings Limited. These companies represent a dynamic cross-section of Africa-focused industries, underscoring SEM’s commitment to fostering growth and innovation across the continent.
Sunil Benimadhu, Chief Executive of SEM, emphasized the launch as a critical milestone in SEM’s evolution. “The launch of SEMX marks a significant step in our journey to position SEM as a world-class international exchange.” Benimadhu stated. “It reflects our commitment to being an attractive, multi-currency capital-raising and listing platform for local, Africa-focused, and niche international issuers. I extend my heartfelt thanks to all stakeholders who contributed to this milestone.”
Since its inception in 1989, SEM has grown into a robust financial hub, hosting over 180 securities spanning equities, ETFs, and debt instruments. With the introduction of SEMX, SEM aims to enhance its global appeal while solidifying its leadership in Africa’s financial markets. The exchange has facilitated $6.5 billion in capital raising since 2009, $4.6 billion of which came from international issuers.
Luni Libes, CEO of Africa Eats Ltd, celebrated the inclusion of his company and two others on the SEMX platform. “We are thrilled to list Africa Eats, Elite Meat, and Ziweto on SEMX as a first step toward connecting capital markets with successful African SMEs. This listing underscores our commitment to fostering growth and building resilient food supply chains across the continent.” he said.
Africa Eats Ltd is a purpose-driven investment firm focused on combating hunger and poverty across Africa by supporting businesses that enhance the food and agriculture supply chain. Its innovative approach blends venture capital with high-growth accelerators, drawing inspiration from Berkshire Hathaway to deliver exceptional investment opportunities.
Over the past decade, the company’s portfolio of 22 businesses has expanded from modest beginnings to generate more than $36 million in revenue, achieving an impressive compound annual growth rate of 52%. Most portfolio companies have consistently maintained profitability year after year.
With its recent listing on SEMX, Africa Eats (EATS) opens up investment opportunities to the public, offering the potential to share in its growth. The inclusion of market maker Tuesday Markets ensures investors enjoy convenient access to liquidity.
SEMX’s launch is the latest in a series of initiatives by Stock Exchange of Mauritius to modernize its operations and expand its influence. The exchange has continuously diversified its offerings, targeting both local businesses and international issuers. Its adoption of international best practices positions SEM not only as a regional leader but also as a key player in the global financial ecosystem.
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