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South Africa: Mauritian Exchange May Be 'Overly Cautious'
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Business Day (Johannesburg)
17 September 2007
Posted to the web 17 September 2007
Renée Bonorchis
Johannesburg
TALKS between the JSE and the Stock Exchange of Mauritius (SEM) were continuing with a view to a possible takeover by the JSE, Russell Loubser, CE of the local exchange, said last week.
It was reported last week that the JSE was in talks with exchanges from Mauritius, Nigeria and Zambia, but the easiest buy for the JSE, which is cash flush, would be Mauritius because it had demutualised and listed the exchange. The JSE's shares rose on the news but shortly thereafter, the CE of SEM, Sunil Benimadhu, said to news agency Bloomberg that an acquisition had not been discussed.
"The SEM has regular discussions with exchanges of other countries about how it can benefit from foreign expertise," Benimadhu said to Bloomberg.
But Loubser reiterated that talks had at times veered towards the possibility of an acquisition. "My story hasn't changed," said Loubser. "If from time to time there's a question of taking our talks further ... I'd be lying if I said that doesn't happen."
He said SEM may be being overly cautious, but added that the island country's exchange was entitled to act that way . There were no impending announcements, Loubser said, adding that many issues were under discussion.
SEM started out in 1989 and by the end of last year it had 41 listed companies on its boards. It does not have a derivatives market or an agricultural market and these are just two issues with which the JSE could help it, although Rod Gravelet-Blondin, head of agricultural products at the JSE, joked this week that they were not about to launch an agricultural futures market in Mauritius.
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There has been talk in the past year that with the JSE's own successful listing, it could too be the subject of a takeover bid. Loubser said he had met with the CE of London's FTSE last week but that the FTSE was a company focu sed on indic es.
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