AFRINEX Limited (“AFRINEX”), a pan-African stock exchange with a state-of-the-art clearing and settlement platform, held a launch ceremony to mark the beginning of its operations in Mauritius.
Photo (DR): Prime Minister Pravind Kumar Jugnauth & Krishna Gangopadhyay, CEO & MD AFRINEX.JPG
on October 25 in Eb ène during the launch. As a further step in raising the country’s profile as an international financial center, AFRINEX offers global trading services. The primary market services offered initially include the listing of a wide range of securities such as debt, equity, certificates of deposit, funds (open and closed) and other securities. AFRINEX offers secondary market trading in securities and derivatives in various asset classes with strong regulatory standards. BSE Technologies Ltd [a wholly owned subsidiary of BSE Ltd, formerly known as Bombay Stock Exchange] is AFRINEX’s partner, providing a state-of-the-art trading, settlement and clearing platform. Several representatives of the Mauritian and foreign financial services sector were present at the event. The launch of AFRINEX comes on the heels of Mauritius’ removal from the FATF grey list – and while removal from the EU black list is expected.
India-Africa axis targeted
AFRINEX marked its launch with the listing of $1 billion of EXIM Bank of India’s 144A bonds on its official listing platform. Harsha Bangari, Managing Director of the bank said: “I would like to congratulate and thank AFRINEX for giving us this opportunity. EXIM Bank of India’s USD 1 billion 10-year bond was the fourth issue in 144A / Reg S format. The transaction, with a coupon of 2.25% per annum, was a record high for an Indian issuer in a 10-year USD issue. The issue was oversubscribed 3.5 times by several high quality investors. With the listing of this bond, AFRINEX has served as a gateway to broaden our investor base, while providing greater liquidity to the bond. It will also increase EXIM Bank of India’s reach on the African continent, as well as in the rest of the world. Speaking on the occasion, Krishna Gangopadhyay, CEO and Managing Director of AFRINEX, said, “We welcome EXIM Bank of India as the first issuer on the official securities list. This is a testament to the flexibility and agility of our listing platform, the Securities Official List, as well as the benefits that sovereign issuers enjoy through the transparency and robustness of our rules.