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Conditions of Admittance

Official Listing

- The company must be organized as a joint stock company ( JSC) .
- Have a minimum paid-up capital of five hundred million dinars ( 500.000.000 DA) .
- Publish certified financial statements of the three years preceding the one in which the admission demand is submitted.
- Submit an evaluation report of its assets elaborated by a member of the Association of accounting experts, other than the auditor of the Company, or any other expert whose evaluation is recognized by the Commission, unless a member of the latter.
- Have made profits during the year preceding it demand, unless waived by the Commission.
- The company must keep the Commission informed of transfers or withdrawals of assets occurred before its listing.
- Justify the existence of an internal audit structure to be assessed by the auditor in its report on internal control of the company.
- Otherwise, the company must undertake to implement this structure during the year following the admission of its securities in the market.
- Ensure the fulfillment of the operations of transfer of securities.
- Resolve major conflicts between shareholders and company.
- Undertake to fulfill the requirements of disclosure of information.
- issuing equity securities to the public, representing at least 20 % of the share capital of the Company, not later than the day of listing.
- Equity securities available to the public should be distributed among a minimum of one hundred fifty (150) shareholders, not later than the date of listing.


SME Market

Regulatory changes have also focused on the conditions of admission which were implemented by a relaxation of fairly rigorous eligibility conditions that SMEs fall short of meeting. SMEs are therefore required to:

- Have the status of joint stock company ( JSC) and must designate, for a period of five (05) years, an attendant called'' Stock exchange promoter";

- Open its capital to a minimum of 10% no later than the day of the introduction;

- Publicly distribute its shares to a minimum of fifty (50) shareholders or three (03 ) corporate shareholders no later than the date of introduction in the stock exchange market;

- Publish the certified statements of the last two financial years, unless COSOB grants an exemption. Without prejudice to the provisions of the Commercial Code relating to corporations making public offering, conditions and minimum capital profits are not required for the company applying for admission to the SME market.

However, these conditions do not apply to a company being formed by public offer.

Corporate investors :

Are Securities Collective Investment Funds (OPCVM) , banks, financial institutions, insurance companies, investment funds and assets management companies.