Fees

An operation of listing on stock market generates costs which are variable depending on:
- The size of the operation;
- The technique used to perform the operation of listing on stock market and the selected market;
- The extent given to financial reporting.

They include:

- Royalties paid to stakeholders namely COSOB, SGBV, the Central Depository and broker-leader, which are summarized in the table below;
- Commissions and fees for support, underwriting and financial and legal advice;
- Costs of advertising and communication.

Entity                  Fees and Royalties

COSOB                Visa of information notice

                          The fee paid to the COSOB is set at 0.075% of the amount of the issue or public                               offer, not exceeding five (05) million dinars.

SGBV                  Admission to stock exchange market

                         The rate of commission charged by the SGBV is set at 0.05% of the nominal amount                          admitted. The amount of this fee may not exceed 2.500.000 DA. 

                         Fee of a security listing 

                         • Initial listing...................................... 400 000 DA
                         • Additional listing................................. 100 000 DA
                         • Substitution and modification................100 000 DA
           

                         Costs of retention in listing ................... 200 000 DA for shares
                                                                           ........ 300 000 DA for bonds

                         Costs of initial public offering

                        • Fixed part: .........................................1 000 000 DA
                        • Variable Part: ......................................  100 000 DA per 1000 orders treated.

Central              fees of adherence to the Central Depository of Securities

Depository         The rate is fixed at 0.01% of the share capital;

of Securities       minimum payment is 20 000 DA and the maximum is 200 000 DA.

                        
                        
IOB                  leader Expenses related to services provided by broker-leader and other banks                                  forming the underwriting syndicate (placement fee).

Taxation 

Pursuant to Law N° 09 of 09 Moharram 1431 corresponding to 30 December 2009 promulgating the Finance law 2010:

- Are exempt from the tax on total income and tax on corporate income, revenue and gains on sale of shares, similar securities through an operation of initial public offering on stock exchange market.

Are exempt from registration fee transactions involving operations of Initial Public Offering.

Pursuant to Law N° 13 of 08 Safar 1435 corresponding to 30 December 2013 promulgating the Finance law 2014:

Companies whose ordinary shares are traded in stock market benefit from a reduction in Tax on corporate income equal to the opening rate of its share capital in stock exchange market for a period of five (5) years, starting from 1 January 2014 .

Pursuant to Law N° 14-10 of 08 Rabie El Aouel 1436 corresponding to 30 December 2014 promulgating the Finance law 2015:

- Are exempt from the tax on total income and tax on corporate income, for a period of (5) years starting from 1 January 2013, starting from 1 January 2013, revenue and capital gains from sale of shares, similar listed securities on the stock exchange as well as shares or parts owned to bodies of collective underwriting of transferable securities.

- Are exempt from tax on the total income (IRG) or the tax on corporate profits (IBS), product and capital gains from the sale of bonds or similar securities and bonds of similar publicly traded Treasury or traded on an organized market, a minimum term of five (5) years issued over a period of five (5) years from 1 January 2013. This exemption covers the entire issued under the validity during this period.

- Are exempt from registration fees for a period of five (5) years, starting from 1 January 2013, transactions involving securities listed on the stock exchange or traded on a regulated market."