THE SECURITIES ACT 2005
Rules made by the Stock Exchange of Mauritius Ltd under Section 13(2)(f) of the Securities Act 2005
These rules may be cited as the Securities (Purchase of Own Shares) Rules 2008.
In these rules -
"Board resolution" means a resolution of the Board of directors of a company;
“CDS” means the Central Depository and Settlement Co. Ltd. established under the Securities (Central Depository, Clearing and Settlement) Act 1996 ;
“company” means a public company listed on SEM;
“Official Bulletin” means the weekly publication of the SEM known as such;
"press communiqué" means a communiqué published in the Official Bulletin and in 2 daily newspapers or in at least 1 daily newspaper in wide circulation in Mauritius, as the case may be;
“SEM” means the Stock Exchange of Mauritius Ltd established under the repealed Stock Exchange Act;
"treasury shares" has the same meaning as in Sub-Part D of Part VII of the Companies Act 2001.
Any offer by a company to purchase or otherwise acquire its own shares on a securities exchange shall, for the purposes of section 69(3) and Sub-Part D of Part VII of the Companies Act 2001 be made in accordance with the following conditions –
no company shall purchase its own shares unless there is a Board resolution authorizing the purchase on a securities exchange;
the Board resolution shall specify -
the number and percentage of shares to be purchased;
the minimum and maximum prices which may be paid; and
whether the shares purchased would be cancelled or held as Treasury shares, or would be reissued.
Following the Board resolution, the company shall forthwith issue a press communiqué which shall -