Instruction No. 48/2012 on the Fractioning of Securities of Companies Listed on the Regional Stock Exchange for Securities (BRVM) of UEMOA

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WEST AFRICAN MONETARY UNION

crepmf

REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

INSTRUCTION NO. 48 / 2012
ON THE FRACTIONING OF SECURITIES OF COMPANIES LISTED ON THE REGIONAL STOCK EXCHANGE FOR SECURITIES (BRVM) OF THE WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA)

The Regional Council for Public Savings and Financial Markets,

Having regard to the Convention of 3 July 1996 establishing the Regional Council for Public Savings and Financial Markets (hereinafter the "Council") ;

Having regard to the Annex to the Convention on the composition, organization, functioning and powers of the Council ;

Having regard to the General Regulations on the Organization, Functioning and Supervision of the Regional Financial Market of the West African Monetary Union (WAMU/UMOA) ;

Having regard to the OHADA Uniform Act on Commercial Companies and Economic Interest Groups (hereinafter the "Uniform Act") ;

Having regard to Decision No. CM/11/09/2009 of the UEMOA Council of Ministers appointing the President of the Regional Council ;

Having regard to the deliberations of the Council at its session on 22 November 2011 ;

Considering that the provisions of the Uniform Act prescribe that public limited companies must set the nominal amount of their shares or share certificates at an amount not less than ten thousand (10,000) CFA francs ;

Avenue Joseph ANOMA 01 B. P. : 1878 Abidjan 01/Côte d'Ivoire presidence@crepmf.org TEL.: (225) 20215742/20215179 Fax: 20221657 www.crepmf.org

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Instruction No. 48 / 2011

Considering that, pursuant to Article 823 of the Uniform Act, "companies (...) making a public offering by issuing securities are governed both by the general rules applicable to public limited companies and by specific provisions (of the Uniform Act...) without prejudice to provisions governing stock exchanges and the admission of securities to such exchanges" ;

Noting that the exemption from this obligation established in Article 917 of the Uniform Act results in differential treatment for companies listed on the BRVM ;

HAS ADOPTED

Article 1: Removal of the minimum nominal value requirement

The provisions of Articles 387 and 750 of the Uniform Act shall not apply to companies listed on the stock exchange of the Regional Stock Exchange for Securities (BRVM) of the West African Economic and Monetary Union (UEMOA).

Article 2: Entry into force

This Instruction, which enters into force as of the date of its signature, shall be published in the Official Bulletin of the Stock Exchange (BOC).

Done at Abidjan, on 02 January 2012

The President

(Signature) Léné SEBGO

Avenue Joseph ANOMA 01 B. P. : 1878 Abidjan 01/Côte d'Ivoire presidence@crepmf.org TEL.: (225) 20215742/20215179 Fax: 20221657 www.crepmf.org 2/2