Luanda, Angola, 03 March – The first trading day of the new Luanda stock exchange may take place in October, as conditions are being created for the launch to go ahead, said the president of Angola’s Capital Markets Commission, Cruz Lima Friday.
According to Lima, speaking on the sidelines of the Capital Markets Forum in Luanda, the aim is for the bourse to be launched before the end of 2006, and that the first trading day may be in October.
He said that a budget for launching the stock exchange had been set and that its location would be Mutamba, in Luanda’s downtown area.
The Luanda stock exchange will have an initial capital of US$16 million, spread over 27 subscribers, and will be formally launched on March 16 in the Angolan capital.
Companies that are listed on the exchange will have to fulfill certain requirements, including half-yearly accounting and audited accounts.
With the opening of the Angolan stock exchange in mind, the country’s Capital Markets Training Institute plans to run a course from the end of March on market basics, specifically aimed at managers of future stock exchange intermediary companies. (macauhub)