Page 356 - Atouts-Cameroun-2017
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356LES ATOUTS ECONOMIQUES DU CAMEROUNThe first bond issue directed by the “Société finan- cière internationale” (SFI) can testify of that. Out of an amount of 20 billion, the DSX succeeded in mobilizing 45% of the loan instead of 25% as ini- tially expected. This capacity in mobilization led to a new vision of the development of Stock markets in the ECCAS zone. Some important financial partners as the World Bank now offer technical interconnec- tion between the DSX and regional stock exchange.Following the pace, the success of a 200-billion CFAF bond issue launched by the State of Cameroon in 2010 consolidated an increasingly growing trust in the Douala Market. Other opera- tions of the same kind are being envisaged, in particular, a bond issue announced by Cameroon. Certainly, more is needed to per- suade both the private and public enterprises at local and regional level, to open their capital, or simply let themselves tempted by the way of fun- ding proposed by the Douala Stock Exchange.OPENING UP TO THE MARKETA risk, both moderate and ambitious that the three companies listed on the Stock exchange dared to take. They are notably the Société des eaux miné- rales du Cameroun (SEMC), a Cameroon subsi- diary of the French group Castel; the Société agri- cole et forestière du Cameroun (SAFACAM), a main food-processing company in the country, and the Société camerounaise de palmeraies (SOCA- PALM), each belonging to the group Bolloré.As a result of the success recorded by the three pio- neer companies, other companies manifested their intention to join the listing in the recent months. If the Council Support Fund (FEICOM) and SOSU- CAM, a sugar company, could give concrete expression to their intentions, then the leading posi- tion of the DSX, which is already established, would be reinforced. In any case, there are rea- sons for these companies of being encouraged.SOME INTERESTING INCENTIVESTo attract more subscribers and transmitters, the State put in motion a number of incentives like the reduction of corporate income tax (IS) for a period of three years. In this vein, issuers may, according to conditions, benefit from a common law rate up to 10%, which is a substantial reduc- tion compared to the 35% common law rate. These conditions are valid for non-listed compa- nies, making a public call for savings and who agree to exchange equity or debt securities on the stock exchange.In general, legislation on taxation offers many advantages to companies that are open to stock quotation. These special provisions and many others are part of a logic intended to support efforts for the economic development of the coun- try. That’s how we should consider the DSX, a financial market in an environment with abundant opportunities, offering investment prospects likely to boost growth. It is therefore a question of:• Supporting more effectively the development strategy based on economic liberalism adopted by Cameroon;• Collecting long savings to guide it directly towards funding investments, at more advanta- geous rate than that offered by banks and spe- cialized institutions;• Increasing the equity capital of enterprises and banks established in Cameroon;• Moving financial surpluses;• Attracting foreign capitals;• Releasing the Central Bank from financing the development to give itself to its primary mission, which is to ensure monetary stability.The trading room of Douala Stock Exchange

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