Mozambique: Stock exchange has market capitalisation of US$400 million

15 May 2008

Maputo, Mozambique, 15 May – Mozambique’s stock exchange (BVM) currently has a market capitalisation (market cap) of US$400 million, the stock exchange president Jussub Nurmamad told Macauhub in Maputo.

“This means that US$400 million were not spent on consumption, which is a significant saving,” Nurmamad said.

The Mozambique stock Exchange has 17 stocks listed for the same number of companies, which will increase to 18 with the Initial Public Offering (IPO) of oil and gas company Companhia Moçambicana de Hidrocarbonetos (CMH).

Of the companies listed on the exchange highlights are beer maker Cervejas de Moçambique, majority-owned by South Africans, insurer Empresa Moçambicana de Seguros, Standard bank, Banco Internacional de Moçambique (Millenium Bim), cement maker Cimentos de Moçambique (of Portugal’s Cimpor Group) and sugar maker Maragra.

Nurmamad also told Macauhub that the Mozambican state had even used the stock Exchange to finance itself at more interesting rates than those offered by commercial banks.

“This year the state will once again finance itself via the exchange, by launching bonds worth over 400 million meticais,” he said. (macauhub) (macauhub)