Mozambique: Oil and gas company CMH floats 10 pct of its shares on the stock exchange

6 June 2008

Maputo, Mozambique, 6 June – The Mozambican stock exchange, BVM) Wednesday in Maputo announced that 10 percent of the shares of state-owned oil and gas company, Companhia Moçambicana de Hidrocarbonetos (CMH) had been sold for a total of 163.18 million meticais, or around US$6.7 million.

CMH was set up in October 2006 as a vehicle for Mozambican’s participation in processing and exploration of natural gas in Temane, in Inhambane province, in which it partners South African petrochemical company Sasol.

CMH has two shareholders, ENH with 80 percent and the Mozambican state with the remaining 20 percent, and the 10 percent now sold off were from ENH’s stake in the company.

Ten percent of CMH represents 593412 shares with a nominal value of 275 meticais each, or US$11.4 at current exchange rates, and were sold only to Mozambican citizens or to companies in which a minimum of 60 percent of the capital was in Mozambican hands.

The stock Exchange also said that demand for the shares had been high as 1,179 people had shown interest in buying 512010 shares and 51 companies and other institutions wanted to buy 685470 shares.

In the end, BVM said, 1173 individuals bought 296700 shares and 49 companies/institutions bought 296712 shares, which will now be listed. (macauhub)