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The Reserve Bank's Financial Surveillance Department has recently issued a circular amending the exchange control rules. The amendment relaxes the exchange control rules, to a limited extent, to allow unlisted South African companies to list on stock exchanges located offshore and raise foreign loans and capital more easily.
To qualify for the exception, the entity must be: (i) a South African company, (ii) operating in the technology, media, telecommunications, exploration or 'other research and development industry', and (iii) not currently listed on the South African stock exchange.
The entity must also:
Furthermore, if the entity intends to list offshore, it must:
Despite the fairly onerous requirements this represents a welcome step in the right direction in helping private South African companies access international venture capital markets and seek primary listings offshore.