Trop-X (Seychelles) Ltd: Seychelles Stock Exchange Report for the Year 2017


16-April-2018

The year 2018 marks the 5th year since the Seychelles Securities Exchange – Trop-X – went live. Licensed as a securities exchange in June 2012, Trop-X was launched in August 2013 with the listing of Sacos Group Limited (under short code “SAC”) on its Main Board. At the end of the year 2017, the share price of SAC closed at SCR115 representing an increase in value of the share price of 64% (from SCR70) since the shares were first traded on Trop-X or an increase in value of 229% from SCR35 as the value of the shares before listing.

From this first listing in 2013, other domestic trading companies have also listed on Trop-X namely Bodco Limited (trading under short code (“BOD”)), Sea Harvest Investment PLC (trading under short code (“SHI”)) and Seychelles Breweries Limited (trading under short code (“SBL”)). These four listings to date represent a market capitalization of US$86.80 million  Trop-X ended the year 2016 with a total of 9 listings on its 3 equities Boards as well as 2 debt securities listed on its Debt Board.

 

Highlights of the year 2017

 

1.                    Listed Companies

With 15 new equity securities listed in 2017, Trop-X ended the year with a total of 24 equity securities  representing a 167%  increase when compared to the year 2016. The new listings resulted in a 90% increase in the total market capitalization to US $260.35 million as at the end of 2017, when compared to 2016.

 

 

2.                    Market Capitalization

 

The year 2017 was also marked by substantial capital raising activities on Trop-X. Following the listing of the Wealth Migrate Multi Issuer Program on Trop-X in February 2016 which saw the listing of three Wealth Migrate companies, an additional four Wealth Migrate Companies were listed on Trop-X in 2017. Founded in 2010, Wealth Migrate is a global real estate investment marketplace which serves as a crowd funding platform providing investors with real estate investment opportunities. The four companies listed in 2017 holds investment in Medical Commercial Real Estate in United States of America and has raised a total of US $7.6million from investors worldwide.

 

3.                    Dividends

The average yield for dividend paying companies in US Dollar terms was 3.09% . Table 1 below shows a breakdown of all dividends paid.

 

Company Name

Short Code

Number of shares listed

Dividend per share

Dividend yield (USD)

Cedarwood International Investments Limited

CIIL

1,676,234

US$0.018 (Sept 2017)

3.74%

Sacos Group Limited

SAC

2,000,000

SCR7.00 (10th Jan 2017)

5.83%

Seychelles Breweries Limited

SBL

12,600,000

SCR0.50

2.27%

WM Cypress Ridge Limited

WMCR01

3,612,624

US$0.03 (Feb 2017)

US$1.018 (May 2017)

1.02%

 

WM Med 5 Limited

WMUSM5

1,397,354

US$0.02 (May 2017)

US$0.02 (August 2017)

5.83%

WM Med 7 Limited

WMUSM7

1,855,040

US$0.019 (August 2017)

4.68%

 Table 1: Dividends paid

 

4.                    Trading

 

Following its listing in mid-2016 on Trop-X’s Main Board, 3.73 million Seychelles Breweries Limited’s (SBL) shares had been dematerialized by the end of 2017, representing 30% of the total shares issued by the company. A total of 796,826 SBL shares has – up until the end of 2017 – been traded on Trop-X representing a share turnover of 6.32% from the time of listing.

Sacos Group Ltd.’s (SAC) shares traded at a high of SCR140 and a low of SCR100 in 2017, ending the year at a price of SCR115 per share. The Company paid a dividend of SCR7 per share to its shareholders in early January of 2018, a reduction by 17.65% when compared to the previous year. This however represents a dividend yield of 6.09%. As at end of 2017, 65% of SACOS shares had been dematerialized. 

BODCO (BOD), being one of two companies on Trop-X’s SME and VCAP Companies Board saw trading in its shares at a constant price of SCR24 for 2017. This price is subsequent to the 4 for 1 share split in mid-2016. Sea Harvest Investment Plc (SHI) traded at a constant price of USD 1 for 2017.

 

The total number of trading accounts increased by 15% last year, with the creation of 87 local and 602 foreign accounts. 

Table Two shows all companies listed as at the end of 2017.

 

 

Company Name

Symbol

Price

Share of Total Market Cap

Arinzano Limited

ARIL

 ZAR   15,000.00

5.66%

BODCO Limited

BOD

 SCR            24.00

2.77%

Cantabria Limited

CANL

 ZAR   15,000.00

5.66%

Campo de Borja Limited

CDBL

 ZAR   15,000.00

5.66%

Cedarwood International Investments Limited

CIIL

 USD             1.00

0.65%

Entrepreneur Resorts Limited

ERL

 USD             1.00

3.10%

Jumilla Limited

JUML

 ZAR   15,000.00

5.66%

La Mancha Limited

LAML

 ZAR   15,000.00

5.66%

Otazu Limited

OTAL

 ZAR   15,000.00

5.66%

Ribera del Duero Limited

RDDL

 ZAR   15,000.00

5.66%

SACOS Group Limited

SAC

 SCR         115.00

6.63%

Seychelles Breweries Limited

SBL

 SCR            65.00

23.61%

SHI PLC

SHI

 $                   1.00

1.55%

Somontano Limited

SL

 ZAR   15,000.00

5.66%

Valdepusa Limited

VALL

 ZAR   15,000.00

5.66%

WM Aus Res 1 Limited

WMAUR1

 AUD             1.00

1.41%

WM Cypress Ridge Ltd

WMCR01

 $                   1.00

1.40%

WM Water Ridge Limited

WMUSF3

 $                   1.00

0.27%

WM Med 5 Limited

WMUSM5

 $                   1.00

0.54%

WM Med 7 Limited

WMUSM7

 $                   1.00

0.72%

WM Med 8 Limited

WMUSM8

 $                   1.00

0.93%

WM Med 9 Glendridge Limited

WMUSM9

 $                   1.00

1.05%

Southchester RF Ltd

SCRF

 ZAR         109.00

3.71%

SA Res 1 Zero2One Limited

WMSAR1

 ZAR              1.00

0.71%

Table 2: Snapshot as at end of 2017

 

Looking ahead

 

Following the recent privatization plans once again announced by the Seychelles’ Government and while closely following the developments and opportunities around digital assets, Trop-X looks ahead for another successful year in 2018.

 

Contributed

 

 

 

 

 

 

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