Cairo, 4 July 2019: – The Stock Exchange of Mauritius (SEM) has announced the inclusion of the African Export-Import Bank (Afreximbank) in the SEM-10 index.
An announcement posted on the SEM website on Wednesday listed Afreximbank among the SEM-10 Constituents for the third quarter starting 3 July 2019. Other companies on the list are: MCB Group Limited; IBL Ltd; SBM Holdings Ltd; Grit Real Estate Income Group Limited; ENL Limited (Ordinary A Shares); CIEL Limited; New Mauritius Hotels Limited; Rogers & Company Limited; and Lux Island Resorts Ltd.
The index tracks the performance of the 10 largest stocks on the SEM in terms of market capitalization and the 10 most liquid stocks in terms of average value traded and trading frequency during the preceding three months.
Being part of the SEM-10 index is expected to enhance Afreximbank’s visibility with local and international investors and, potentially, encourage institutional investors that track the index to include the Bank’s Depositary Receipts in their investment portfolios.
Ninety per cent of foreign investors’ transactions on SEM-listed stocks are targeted towards companies that are included in the SEM-10 index. Moreover, some of the larger companies in the index are tracked closely by global data vendors like Bloomberg, Factset and Refinitiv, as well as by global Index providers, such as S&P, Dow Jones, MSCI and FTSE.
The SEM-10 Index is subject to quarterly reviews and to remain in the index, companies need to ensure regular trading of their securities.
Afreximbank currently ranks as the SEM’s third best performing stock on a year-to-date basis in 2019, with a performance of 26.5 per cent.
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Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com