AFRINEX Exchange Launches Its Operations In Mauritius

Cybercity, Ebene, Mauritius; AFRINEX Limited (“AFRINEX”), a pan-African securities exchange with state-of-the-art clearing & settlement platform, held its launch ceremony marking commencement of its operations in Mauritius. The launching ceremony, held at Hennessy Park Hotel, Ebene, Mauritius, saw the presence of Chief Guest, Honourable Pravind Kumar Jugnauth, Prime Minister of Mauritius, and Guest of Honour Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius. Dr. Renganaden Padyachy, Honourable Minister of Finance and Mr. Mahen Kumar Seeruttun, Honourable Minister of Financial Services and Good Governance were the Special Guests of Honour in the launch event. Baroness Sandip Verma, Director of AFRINEX officiated the event on behalf of AFRINEX and welcomed guests.

Supported by the Government of Mauritius’ vision to augment Mauritius as an International Financial Centre, AFRINEX offers universal exchange services. Primary market services offered at inception include listing of wide spectrum of securities like debt, equity, depository receipts, funds (both open ended and closed ended and other securities. AFRINEX proposes to offer secondary market trading for securities, derivatives across asset classes with robust regulatory standards. 

BSE Technologies Ltd is the technology partner of AFRINEX providing state of the art technology platform for listing, trading, clearing and settlement. The event was attended by key representatives of the financial services industry from Mauritius and abroad.

The launch of the AFRINEX comes in the wake of Mauritius coming off the FATF grey list – the exit from the EU blacklist is expected to automatically follow suit.  It paves the way to an increased confidence of global investors and traders in Mauritius as a jurisdiction of substance and will further position Mauritius as an International Financial Centre. 

I extend my warmest congratulations to AFRINEX as a new stakeholder in the financial community of Mauritius. We are having another Securities Exchange after almost 30 years, this testifies that our capital market is expanding and deepening while assuming larger role in the development and integration of regional capital markets. AFRINEX will certainly contribute to further establish Mauritius among the newly developed emerging capital markets of the region. That event is particularly timely, not only for the capital markets sector in Mauritius but for the whole economy and jurisdiction. I strongly believe that our mindset has to change if we are to realise our full economic potential. We need to increase our national level of savings, mobilise capital and channel those financial resources into productive investments that create jobs and incomes and earn for exchange. A new securities exchange is a vital intermediary in this process. I am confident that as a Pan-African focused securities exchange, AFRINEX will provide to contribute more market depth and liquidity to African exchanges.” added Honourable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius. 

The High Commissioner of India to Mauritius, Mrs. K. Nandini Singla, also graced the event and lauded the launch of this exchange and clearing house.

To me, it is a red-letter day because, it is not every day that one gets to be a part of launching a path-breaking new institution with the potential to transform a country, a continent and the world. It is not every day that one sees a far-sighted vision transform into reality on the ground. Today’s inauguration of AFRINEX is indeed one such defining moment because, it was the Hon’ble Prime Minister Mr. Pravind Jugnauth’s personal vision to have a pan-African exchange in Mauritius – an exchange that adds value to Mauritius’s global profile as an international financial centre of high repute while also imparting greater economic heft to the African region.” 

Her Excellency further added “AFRINEX can be a game changer not just for Mauritius or India or Africa, but for the entire world.  For a beleaguered world that desperately needs a revitalized post-Covid global economy, I think this is the kind of good news that the world needs! I believe AFRINEX is uniquely positioned to define the contours of a Mauritius IFC–GIFT City corridor that further augments the international financial centre services offered in Mauritius.  I think that this opens the door to the possibility of deeper financial and economic engagement between Mauritius and India.”

Today we reached an important milestone with launch of AFRINEX.  As AFRINEX, we are committed to this nationally important project and we would work towards Hon’ble Prime Minister’s vision of growth and empowerment in times to come.  As a premier financial destination of choice our offerings are meant to cater to broad spectrum of companies, intermediaries, banks who wish to raise funds and grow enterprises in Mauritius or abroad.”  

AFRINEX marked its launch with listing of USD1Bn 144A EXIM Bank of India bonds on its Securities Official List platform.  Marking the occasion, Ms. Harsha Bangari, Managing Director, EXIM Bank said “Today is a momentous occasion for us.  I would like to congratulate and thank AFRINEX for giving us this opportunity.  India EXIM Bank’s USD1 billion 10-year bond was the fourth issuance in the 144A / Reg S format.  The transaction, at a coupon of 2.25% p.a. marked a record low for any Indian issuer for a 10-year USD issuance.  The issue was 3.5 times oversubscribed by several high-quality investors.  With the listing of this bond, AFRINEX has served as a gateway for broadening our investor base, while providing greater liquidity to the bond.  This will also augment India EXIM Bank’s reach in the African continent, along with that of that of the world.”

Speaking on the occasion, Ms. Krishna Gangopadhyay, CEO & MD AFRINEX mentioned “We welcome EXIM Bank of India as our first issuer on Securities Official List.  It offers testimony to the flexibility and agility of our listing platform Securities Official List and also to the comfort that sovereign issuers draw from the transparency and robustness of our rules.”

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