COSOB Position No. 02/2026 of 28 October 2026 on the method of calculating the risk division ratio by capital investment companies under Article 17 of Law No. 06-11 of 24 June 2006, as amended and supplemented, relating to the capital-investment company

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Organisation and
Operations Monitoring Commission de Bourse

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Alger, le 2 novembre 2026

COSOB Position No. 02/2026 of 28 October 2026 on the method of calculating the risk division ratio by capital investment companies, provided for in Article 17 of Law No. 06-11 of 24 June 2006, as amended and supplemented, relating to the capital-investment company.

In order to guarantee the financial soundness and going concern of the capital-investment company, and to control the concentration risks related to its portfolio of holdings, COSOB invites capital investment companies (SCI), when calculating the risk division ratio, to observe the following rules:

• The notion of capital and reserves mentioned in Article 17 of Law No. 06-11 of 24 June 2006 relating to the capital-investment company should be assessed after appropriation of the result, thus encompassing the results of previous financial years and of the last closed financial year on which no distribution decision has been taken;

• The SCI should observe the ratio consisting of employing, at most, 15% of its net book position in equity participations in a single company;

• The net position corresponds to the algebraic sum of the following balance sheet items:

  o share capital;

  o share premiums;

  o revaluation differences;

  o reserves;

  o retained earnings;

  o the result of the last closed financial year;

• The unpaid fraction of contributions should be subtracted from the reference net book position. The calculation of the risk division ratio should be based exclusively on equity actually paid up and, where applicable, called but not paid up;

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Organisation and
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• The revaluation difference should include, only, the revaluation differences of tangible and financial fixed assets, arising from an official decision authorized by law or by the corporate bodies of the capital investment company or of the companies in the participation portfolio, as the case may be;

• Regulated provisions and investment subsidies – which arise from tax incentives or public aid and do not have the nature of stable funds definitively acquired – should not form part of the net book position;

• Profits for which an official decision to distribute is taken by the competent corporate bodies should be deducted from the net book equity even if their actual disbursement has not yet taken place at the date of calculation of the ratio.