Mozambique: Moçambique Celular to issue bonds

4 September 2008

Maputo, Mozambique, 4 Sept – Moçambique Celular (mcel), the country’s oldest mobile telephony company, plans to issue debt in meticais to an amount equivalent to US$20 million, a source from the Mozambican stock exchange told macauhub in Maputo.

The bond issue, according to the source, is due to take place this year.

The source did not say what interest rate would be paid to mcel’s creditors.

The Mozambican government recently announced it would issue Treasury Bonds to the value of 360 million meticais, or around US$15.4 million.

This operation will pay out an interest rate of between 14 and 15 percent.

Six companies have issued bonds since the creation of the Mozambican stock Exchange in 1999.

They are: Madal (1999), Cimentos de Moçambique – Portugal’s Cimpor Group (2002), Telecomunicações de Moçambique 2001 and 2004, Banco Internacional de Moçambique (2000), Standard Bank (2000) and insurance company Empresa Moçambicana de Seguros-Emose (2007).

In the Mozambican market mcel has competition from Vodacom Moçambique, of the Vodafone group. (macauhub)