Ennakl: African dual-listing first explained

Author: Danielle Myles | Published: 17 Sep 2010

Ennakl Automobiles has shown it is possible to dual list in the Maghreb – issuers just have to work around the rules that normally prevent it.

The Tunisian car dealership is the first to list on two exchanges in the north African region, offering 30% of its capital on the Bourse de Tunis and 10% on the Bourse de Casablanca to raise TND 128 million ($88 million).

The region’s strict foreign exchange controls typically prevent this, and attempts by other companies have failed under the countries’ fiscal...