HomeInternationalThe LSEG welcomes President of Madagascar to open trading

The LSEG welcomes President of Madagascar to open trading

In addition the London Stock Exchange Group (LSEG) will discuss exploring collaboration opportunities between LSEG and Madagascar across the capital markets business chain.

Rt Hon Andrew Mitchell MP, Member of Parliament for the Royal Town of Sutton Coldfield and H.E. Timothy Smart, British Ambassador to the Republic Madagascar joined President Rajaonarimampianina to open the market.

The London Stock Exchange Group has long history of supporting the development of emerging economy capital markets, facilitating access to international capital for emerging market companies and developing new products and investor education and awareness programmes.

“Capital markets play a vital role in a country’s economic development, something that I have long understood and promoted during my previous tenure as Minister of Finance,” states President of Madagascar, Hery Martial Rajaonarimampianina Rakotoarimanana.

“This visit to the London Stock Exchange is the natural next step in the evolution of Madagascar’s financial markets.

“We look forward to working with London Stock Exchange Group as it supports us in our ambitions to develop Madagascar’s capital markets and prepare local companies for international investment.

“The opening of our embassy in London this week reflects Madagascar’s commitment to working with the international investment community in London to position Madagascar on the global map.”

“Welcoming President Rajaonarimampianina to London Stock Exchange today heralds an exciting new chapter for Madagascar’s capital markets,” says global head of government relations and regulatory strategy, Liz Stevenson.

“As the world’s most international exchange, the London Stock Exchange is a strong partner to Madagascar and we are delighted to support the country in its economic expansion plans.

“The president’s second visit to the UK in under two years, and his historic reopening of their Embassy this week, shows clearly the priority he and his government attach to bolstering governmental, financial and investment ties with the UK,” states the British Ambassador to the Republic Madagascar, H.E. Timothy Smart.

“Similarly, this relationship matters to the UK and as we celebrate 200 years of warm and close bilateral relations it is great to see our financial links strengthen as London Stock Exchange supports Madagascar’s desire to create its own capital market.”

In the past 24 months the London Stock Exchange Group has worked with a number of African countries, supporting them in a variety of expansion plans across the full exchange business chain, including listing, trading, technology and clearing, helping to position these capital markets as regional economic hubs.

  • In April 2017, London Stock Exchange Group and the Nigerian Stock Exchange renewed their capital markets agreement, originally signed in 2014 to support African companies seeking dual listings in London and Lagos
  • Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria
  • In March 2017, London Stock Exchange Group launched its inaugural ‘Companies to Inspire Africa’ report, a landmark publication  identifying hundreds of the fastest-growing and most dynamic private businesses across Africa and 9 Madagascan companies were included
  • In March 2016, London Stock Exchange Group established an Africa Advisory Group, bringing together 12 distinguished business leaders, policymakers and investors from across Africa, to discuss the challenges and opportunities presented by the development of the continent’s capital markets
  • In June 2014, London Stock Exchange Group signed a strategic agreement with Casablanca Stock Exchange to share its expertise on the full exchange business chain, from listing to trading, and from clearing to settlement and custody with a commitment to position Casablanca’s capital markets and financial infrastructure as a regional hub
  • There are currently 10 African sovereign bonds listed in London, from Egypt, Gabon, Ghana, Namibia, Nigeria and Zambia
  • There are 106 African companies listed or trading on London Stock Exchange – more than on any other international stock exchange
  • LSEG market infrastructure technology is deployed in more 12 African markets, including Nairobi Securities Exchange, Botswana Stock Exchange, Casablanca Stock Exchange and Johannesburg Stock Exchange
  • LSEG also has a strong track record in supporting oil and gas companies. 160 oil and gas companies are listed in London, with a combined market capitalisation of over $1 trillion.
  • Since 1985, over $138 billion has been raised by oil and gas companies in London, and the companies listed include six of the ten largest listed oil and gas companies in the world.

Feature image credit: London Stock Exchange