Yaoundé - 09 June 2023 -

Elite Capital unfolds expansion plan on the Beac money market, increases capital by 187%

Elite Capital unfolds expansion plan on the Beac money market, increases capital by 187%
  • Comments   -   Thursday, 11 May 2023 12:08

(Business in Cameroon) - Elite Capital Securities, a Cameroonian brokerage firm licensed by the market regulator Cosumaf, has announced plans to expand its presence on the Beac money market. To support this initiative, the company's board approved a capital increase to CFA 1.15 billion, representing a 187% increase.

Elite Capital said it now intends to operate as a primary dealer (SVT) on the Beac market. To do so, the company will need to submit an approval application for validation by Beac’s board of directors. In addition to commercial banks, Beac authorizes brokerage firms approved by Cosumaf to acquire government securities directly on the primary market for themselves or their clients. However, investors in this category must designate a credit institution as their transaction settlement agent.

If Elite Capital's application is approved and validated, the company will be required to participate in at least 60% of treasury securities auctions annually and contribute to the smooth running and success of public securities auctions organized by Beac, per SVT specifications. Additionally, the company must promote secondary market liquidity by selling at least 30% of its subscriptions on this market each year. At the same time, it will continue its intermediation activities in the financial market.

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