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Yaoundé - 24 May 2017 -
Finance

Nabbed by the regulatory body, Soado Sarl promises to apply for the approval to raise funds on the Cameroonian financial market

Nabbed by the regulatory body, Soado Sarl promises to apply for the approval to raise funds on the Cameroonian financial market
  • Comments   -   Wednesday, 17 May 2017 06:06

(Business in Cameroon) - The Société d’aménagement de l’Océan (Soado), promoting the real estate project labelled “Kribi Horizon 2020”, announced in a press release dated 15 May 2017, that i twill comply with the current regulation on the Cameroonian financial market, by requesting for the approval of the Financial Markets Commission (CMF), the regulatory body on the Douala Stock Exchange (DSX), to raise capital in the framework of the above-mentioned project.

Soado Sarl declares, in this regard, that it has already contracted the services of an Investment Service Provider (PSI) approved by the Cameroonian authorities to transact on the local financial market.

The media appearance of the management of this company followed the recent communiqué from the Cameroonian financial market regulatory body, warning the general public against the activities of Soado Sarl.

Indeed, CMF pointed out in its press release, without approval from the financial market regulatory body, this company has started contacting the public, in Kribi as well as Douala, to present the real estate project called “Kribi Horizon 2020”, and raise funds to carry out said project.

Said company is not authorised to collect subscriptions and deposits on behalf of the Cameroonian public” and “does not meet the conditions to publicly trade and the operation in question has not been approved by the Financial Markets Commission”, indicated CMF.

BRM

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