Admission conditions
The main listing requirements for shares:
1-The common conditions of admittance:
The company must have published the certified financial statements for the two financial years preceding the application for admission. However, the Stock Exchange may grant an exemption for companies operating for less than two years. Admission to the market requires public dissemination of a number of securities representing at least 10% of the capital no later than the day of the introduction.
- The company must present an evaluation report of its assets, a procedures manual and have an internal audit structure
- The company must present a 5-year business plan with the underlying assumptions
- Obtain the visa of the Financial Market Council
2-The specific conditions:
Main Market | Alternate Market |
Profitable results in the last two financial years | Profitability condition of not required |
The company securities held by the public* and intended to be admitted to the market must be distributed among at least 200 shareholders, | The company securities held by the public* and in- tended to be admitted to the market must be distributed among, at least, 100 shareholders or 5 institutional shareholders |
A minimum capital of 3 MD | No minimum capital |
| The admittance can be also requested by a company when at least 20% of its capital is held, for more than one year, by at least two institutional investors. It can be requested by a company under constitution by public offering after the approval of the prospectus of issuing by the Financial Market Council. In this case, the admission is pronounced by the Financial Market Council. |
| Presentation by a listing sponsor of a certificate of realization of diligences for the admittance of securities on the alternate market. The company must appoint a listing sponsor during all the period in which its securities are listed on the alternative market. The listing sponsor mandate must not be less than 2 years. |
* Are considered as Public, shareholders holding individually at most 0.5% of the capital and the institutionnals holding individually at most 5% of the capital.
