Cameroon: The DSX is trading new bonds
The Douala Stock Exchange (DSX) has been trading two additional bonds since January 2014, reports Agence Ecofin.The Douala Stock Exchange (DSX) has been trading two additional bonds since January 2014, reports Agence Ecofin.
It is now trading the Cameroon 2013-2018 bond debt in addition to bond debts from the Bank of Central African States (BEAC) and the International Finance Corporation (IFC), as well as two loans from the state of Cameroon itself and one from Chad.
Last August, the Financial Markets Commission (FMC) decided on a series of sanctions against the DSX as well as nine operators in the country, according to Business in Cameroon.
Writing in local newspaper Cameroon Tribune, the FMC argued that these sanctions were necessary because of “inadequacies and irregularities noted in the handling of the State of Cameroon’s bond ECMR net 5.6 per cent 2010-2015”.
DSX was handed a 500,000 FCfa fine for forbidden activities.
More exactly, the FMC considered that the DSX had “without the status of an investment services provider, provided investment services consisting of holding an order book in an issuance (centralisation of subscriptions)”.
Created in 2001, the DSX currently only trades shares for three companies: the Société des eaux minérales du Cameroun (SEMC), a mineral water company, the Société africaine forestière et agricole du Cameroun (SAFACAM), which specialises in agricultural products, and the Société camerounaise des palmeraies (SOCAPALM), which deals with palm groves.