NFOR Hanson NCHANJI
DOUALA, Cameroon-Thursday May 24, 2018-10:20 AM Local Time (Cameroon News Agency) On Tuesday May 22nd, 2018, the Chairman of the Financial Markets Commission signed a decision number 042 / 05/ CMF /18, extending the subscription period of the initial public offering of the Douala Metropolitan Investment Corporation known in French acronym as, SMID.
This decision which extends the subscription period to the 5th of July 2018 instead of the 22th of May 2018 as initially scheduled, is taken in compliance with the terms of reference of the Information notice which states that “the subscription period can be shortened, prolonged or moved as need be after consultations with the Financial Markets Commission and the Issuer“(page 33, terms and conditions of subscription).
The extension of the subscription period was solicited by the Investment Services Provider EDC Investment Corporation, the arranger and lead manager of the public offering.
It is motivated by requests from members of the Cameroon employers union (GICAM), many of whom wish to subscribe to class C shares reserved for private sector companies (20 %) and who hold their Board of Directors and General Assembly meetings in the month of June.
The Financial Markets Commission reassures investors both individuals and legal entities of the coherence and relevance of the information provided for this operation, in accordance with the regulations in force.
On his part, the Government Delegate to the Douala City Council, Dr Fritz Ntone Ntone has encouraged City dwellers to take advantage of this extension and get registered in the corporation. He told the Press in an elaborate conference, that aside some companies, Cameroonians have also been pressing for its extension both at home and abroad.
He said the demand came from all directions prior to the initial deadline on May 22, 2018. Dr Fritz Ntone Ntone disclosed that over 600 people have already subscribed from both public and private sector and that about 200 did subscribed on the last day.
He believes the extension will give ample time to those who are still to subscribe, to do so before July 5.He also said many people have yearned to subscribed but found difficulties in the unique language used, French. The Government delegate as assured that English Language will be included in the process.
Subscription per person is set at most FCFA 50,000 to have shares but subscription fee is FCFA 10, 000. Banks, financial institutions, public and private companies, individuals can subscribe to the call for savings for the Metropolitan Investment Corporation of Douala. The number of titles to be issued is estimated at 1 million shares. The value of a 10-year share is valued at 17.5 billion Fcfa. “Every year, the operator – who has subscribed – will return to his rights after six and a half year years but he will still have his subscription valid.
Anyone wishing to subscribe will be required to have or open an account with an Investment Service provider. The subscriptions will be materialized by the filling of a bulletin which is available at Ecobank, in the Municipal Circle of Douala, online on http://www.ape-smid.cm.