Initial Public Offering of Mozambique’s Emose set for November

2 August 2010

Maputo, Mozambique, 2 Aug – The chairman of the Mozambique Stock Exchange, Jussub Nurmamad, Friday told Macauhub in Maputo that the first special session of the initial public offering (IPO) for shares in insurance company Empresa Moçambicana de Seguros (Emose), would be held in November.

“Work for the public offering has already begun and we will have the special session in the second half of November,” said Nurmamad.

The Mozambican state is Emose’s biggest shareholder and plans to sell 10 percent of its shares, said the chairman of the Mozambique Stock Exchange.

He also explained that the process of evaluation of the company would begin in order to find out how much the Mozambican state will earn from the operation, which will be open to individuals and companies.

The IPO of what is considered to the biggest Mozambican insurance company , will be the second operation of its kind this year following the sale of 10 percent of state-owned oil and gas company, Companhia Moçambicana de Hidrocarbonetos (CMH), a subsidiary of Empresa Nacional de Hidrocarbonetos (ENH). (macauhub)