Luanda, Angola, 13 Dec – The Angolan stock exchange will contribute to the diversification of methods of funding the economy and increase transparency of public and private companies, the deputy governor of the central bank said Wednesday in Luanda.
According to Rui Mingues de Oliveira, who was speaking at a conference on the importance of the Capital Markets and their Legal Framework in Angola, the country is currently going through a unique process in its history and it is therefore important that funding alternatives are found for the private sector and one of these is the stock market.
He also said that creating a “strong” stock market was at this stage an economic and political challenge for the country and therefore the best policies should be chosen for it to work as it should.
He said that it would bring huge advantages as it would require companies to position themselves correctly in the market, periodically publishing their financial reports and taking favorable competitive initiatives.
According to official figures, Angola’s Stocks and Bonds Exchange, which is expected to be launched in 2008, now has 27 subscribers and funding of US$16 million for its launch.
In order for companies to be listed on the exchange and to be attractive to potential investors they must have updated half-year accounts, a three-year operating history and all of their accounts audited. (macauhub)