COSOB Regulation No. 03-03 of March 18, 2003 on the Declaration of Crossing Participation Thresholds in the Capital of Listed Companies

Decree of 18 Rajab 1424 corresponding to September 15, 2003, approving the regulation of the Commission for the Organization and Supervision of Stock Exchange Operations No. 03-03 of 15 Moharram 1424 corresponding to March 18, 2003, regarding the declaration of crossing participation thresholds in the capital of companies whose shares are admitted to stock exchange trading.

The Minister of Finance,

Having regard to Ordinance No. 75-59 of September 26, 1975, as amended and supplemented, establishing the Commercial Code;

Having regard to Legislative Decree No. 93-10 of 2 Dhou El Hidja 1413 corresponding to May 23, 1993, as amended and supplemented, regarding the securities exchange;

Having regard to Presidential Decree No. 03-215 of 7 Rabie El Aouel 1424 corresponding to May 9, 2003, as amended, appointing the members of the Government;

Having regard to Executive Decree No. 95-54 of 15 Ramadhan 1415 corresponding to February 15, 1995, fixing the attributions of the Minister of Finance;

Having regard to Executive Decree No. 96-102 of 22 Chaoual 1416 corresponding to March 11, 1996, implementing Article 32 of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, regarding the securities exchange;

Decrees:

Article 1. — The regulation of the Commission for the Organization and Supervision of Stock Exchange Operations No. 03-03 of 15 Moharram 1424 corresponding to March 18, 2003, regarding the declaration of crossing participation thresholds in the capital of companies whose shares are admitted to stock exchange trading, is hereby approved, the text of which is annexed to this decree.

Art. 2. — This decree shall be published in the Official Journal of the People's Democratic Republic of Algeria.

Done in Algiers, on 18 Rajab 1424 corresponding to September 15, 2003.

Abdellatif BENACHENHOU.

ANNEX

COSOB Regulation No. 03-03 of 15 Moharram 1424 corresponding to March 18, 2003, regarding the declaration of crossing participation thresholds in the capital of companies whose shares are admitted to stock exchange trading.

The President of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB),

Having regard to Ordinance No. 75-59 of September 26, 1975, as amended and supplemented, establishing the Commercial Code;

Having regard to Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, regarding the securities exchange, notably its Article 29;

After adoption by the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) on 15 Moharram 1424 corresponding to March 18, 2003;

Enacts the regulation as follows:

Article 1. — This regulation aims to fix, in accordance with Article 65 bis of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, above-mentioned, the content and procedures for the declaration of crossing participation thresholds in the capital of companies whose shares are admitted to stock exchange trading.

Art. 2. — The crossing of participation thresholds provided for in Article 65 bis of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, above-mentioned, is subject to a written declaration. This declaration must contain clear, precise, and sincere information concerning in particular:

— the identity or name of the natural or legal person referred to in Article 65 bis of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, above-mentioned, and their relationship with the listed company; — the threshold or thresholds crossed and the direction of the crossing; — the nature of the transaction and the number of shares or voting rights acquired, sold, or received without consideration, which caused this crossing of the threshold; — the number of shares or voting rights previously held and the nature of the holding.

The same declaration must be made when thresholds are crossed downwards.

Art. 3. — When threshold crossings exceed one-tenth or one-fifth of the company's capital, the concerned natural or legal person is also required to make, in addition to the threshold crossing declaration, an announcement of the objectives they intend to pursue over the coming twelve months.

COSOB Regulation No. 03-03

This statement of intent must specify whether the person:

— intends to continue or cease their acquisition of shares or voting rights of the company; — plans to take control of the company; — wishes to request representation on the company's board of directors; — acts alone or in concert with one or more persons.

The statement of intent must be sent to the same recipients and within the same time limits provided for in Article 65 bis of Legislative Decree No. 93-10 of May 23, 1993, as amended and supplemented, above-mentioned.

Art. 4. — The declarations of crossing participation thresholds and statements of intent, for the corresponding thresholds, are subject to a press release published in the official stock exchange bulletin and in at least two newspapers with national distribution.

Art. 5. — The standard model for these declarations is defined by a COSOB instruction.

Art. 6. — This regulation shall be published in the Official Journal of the People's Democratic Republic of Algeria.

Done in Algiers, on 15 Moharram 1424 corresponding to March 18, 2003.

Ali SADMI.

COSOB Regulation No. 03-03