Lisbon, Portugal, 8 Jan – The total value of shares quoted on Cape Verde’s stock exchange will increase by more than five times this year to 35 billion Cape Verde Escudos (CVE) due to the listing of more companies, the chairman of the archipelago’s bourse has said.
Veríssimo Pinto told a Portuguese news agency Friday that in 2006, the first year of activity for Cape Verde’s stock exchange after its re-launch in 2005, the value of shares traded stood at 6.3 billion CVE (57.1 million euros).
The upcoming entry of some of Cape Verde’s largest firms, such as fuel distributor Enacol and Banco Comercial do Alântico (BCA), will boost the exchange’s value by more than five times, added Pinto.
BCA, in which Portugal’s Caixa Geral de Depósitos is majority shareholder, will float 12.5% of its share capital, corresponding to 125,000 shares, on Cape Verde’s stock market.
Pinto said it also expected that Enacol will offer around 28.5% of its share capital in a partial privatization of the state enterprise.
Two other significant share offers are anticipated over the coming 12 months. The largest of these relating to the restructuring of state power and water utility Electra, which will offer shares worth 4.4 billion CVE (39.9 million euros) on Cape Verde’s stock exchange.
The islands’ ASA airport management agency is also expected to issue shares this year worth 600 million CVE (5.4 million euros).
Another operation forecast for 2007, added Pinto, is the transfer of a Macau-based closed-end fund, valued at over 22 billion CVE (just under 200 million euros) to Cape Verde’s bourse.
This transfer has already been authorized by the regulating commission of Cape Verde’s stock exchange, noted Pinto.
Among firms partially privatized last year in a bid to re-establish Cape Verde’s stock market were Sociedade Cabo-Verdiano de Tabacos and the BCA bank. (macauhub)