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Seychelles Exchange in Talks to List Two Foreign Companies

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Dec. 3 (Bloomberg) -- The Seychelles Securities Exchange is in talks with two foreign companies about listing on the bourse, which officially opened on Nov. 30.

Several local businesses are also interested in trading their shares, including three in the first quarter next year, said Francois Venter, the director of the Mahe-based bourse, which is known as Trop-X. He didn’t identify them. A listing takes a minimum of six weeks, he said.

The International Monetary Fund, which completed a performance review of the Indian Ocean island nation at the end of October, said the economy has been resilient in the face of the global economic slowdown. The government remains on track to reduce public debt to 50 percent of gross domestic product by 2018 and debt restructuring is almost complete, the IMF said.

Europe, which remained in recession in the third quarter, is Seychelles’s biggest trading partner and accounts for about 75 percent of visitors, according to the nation’s National Bureau of Statistics.

Besides the main board, the bourse also has a venture capital board and one for small and medium enterprises, Venter said.

Bonds and derivatives trading will start by the end of the first half next year, Trop-X Director of Operations and Finance Bobby Brantley said.

To contact the reporter on this story: Richard Ramasawmy in Johannesburg at rramasawmy1@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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