UPDATE 2-S.Africa's JSE says considers stake in Mauritius bourse

Mon Mar 2, 2009 1:42pm GMT

[-] Text [+]

* JSE looking to expand footprint in Africa

* Talks depending on regulatory approval

* JSE shares up 1 pct

(Adds analyst comment, share price)

By Serena Chaudhry

JOHANNESBURG, March 2 (Reuters) - South African bourse operator JSE Ltd (JSEJ.J: Quote) confirmed it is looking to buy a stake in the Mauritius Stock Exchange (SEM) as it seeks to expand into Africa, after a report said it agreed to buy a 49 percent stake.

JSE Deputy Chief Executive Nicky Newton-King told Reuters on Monday the deal between the JSE and the Indian Ocean island's bourse was still at a preliminary stage and needed regulatory approval.

"We have in principle been looking at doing something. We have been talking to Mauritius for some time," she said.

Mauritian newspaper Le Mauricien reported on Friday the JSE had agreed to buy 49 percent of the Mauritius Stock Exchange for 367.5 million rupees ($13 million). Newton-King declined to confirm this. Continued...

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