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JSE
JSE
JSE - JSE Limited - Voluntary announcement
JSE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
("JSE")
VOLUNTARY ANNOUNCEMENT
JSE advises market of statement from Stock Exchange of Mauritius (SEM)
In response to recent media reports regarding the acquisition by the JSE of a
strategic stake in the SEM, the JSE would like to draw the market`s attention
to the following statement released by the SEM and published in the Mauritian
press today (26 March):
"Further to the publication of various media reports regarding the strategic
partnership between the Stock Exchange of Mauritius (SEM) and the
Johannesburg Stock Exchange (JSE), the SEM would like to inform its
stakeholders and the public of the following:
1. The SEM submitted on 16th January 2009 an application to the Financial
Services Commission (FSC) seeking its approval of the proposed SEM/JSE
strategic partnership. The application contained documents which
explained, inter-alia, the rationale of the strategic partnership, the
list of deliverables to be implemented within a 3 year period to scale
up the activities of the SEM and further internationalise the SEM and
capital markets in Mauritius, the joint medium-term strategy in Africa,
and the corporate governance structure to be set up in the context of
this partnership to ensure smooth decision-making.
2. The decision to enter into a strategic partnership with the JSE
has essentially been driven by the potential positive impact that
such a relationship could have on the future of capital markets
in Mauritius and the positioning of Mauritius as an international
financial services center.
3. The SEM has had extensive discussions with the FSC and has provided
the latter with all information and explanations required.
4. The SEM has been informed by the FSC, in a letter dated 20 March
2009, that the FSC is unable to approve the SEM/JSE partnership
under the terms as proposed in the documents submitted and other
representations made to it.
5. The SEM is still in the process of engaging with the FSC to consider
ways and means of addressing the concerns of the FSC to the satisfaction
of all the parties concerned.
The stakeholders of the SEM and the public will be kept informed of any
further development on this matter."
The JSE will likewise inform the market of any further developments.
Sandton
26 March 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/03/2009 07:05:02 Produced by the JSE SENS Department.
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