In September, the Stock Exchange Committee of the Botswana Stock Exchange approved new 'Procedures for Listing and General Requirements for Listed Companies'. As adopted, the Procedures and General Requirements contain:
- the form and substance of listing applications;
- requirements and directions for pre-listing statements;
- requirements for the memorandum and articles of the company seeking listing;
- certain continuous compliance requirements for listed companies; and
- the fee structure for listings, additional listings and annual review.
The new Procedures and General Requirements are based on those of the Zimbabwe Stock Exchange, which was viewed as the most similar market to the Botswana Stock Exchange. Thus, to the extent that an issue arises that is not covered in the Procedures and General Requirements, or otherwise under Botswana law or the rules, regulations and policies of the Botswana Stock Exchange, the Botswana Stock Exchange would look to the Zimbabwe Stock Exchange for guidance. If the Zimbabwe Stock Exchange has not addressed the issue, the Botswana Stock Exchange would look to the Johannesburg Stock Exchange and the London Stock Exchange, in that order.
Copies of the new Procedures and General Requirements are
available from the Botswana Stock Exchange or the undersigned on
request by calling
+1 212 756 2000.
Michael R Littenberg