Small and medium-sized companies in Mozambqiue may be listed on stock exchange in 2010

10 August 2010

Maputo, Mozambique, 10 Aug – The chairman of the Mozambique Stock Exchange, Jussub Nurmamad, told Macauhub that a large number of small and medium-sized companies could be listed on the Mozambique Stock Exchange this year.

Nurmamad explained that the regulations, for what will be the second stock exchange, had already been drawn up, and now needed to be published in order for companies to know about the requirements for becoming listed on the stock exchange.

“This year we will have a second stock exchange, we already have its regulations and, as we are still in August, I believe we will have some small and medium-sized companies listed on the exchange in 2010,” said Nurmamad.

The Mozambique Stock Exchange started operating with market capitalisation of US$5 million, and this year that figure is expected to reach US$500 million, according to the Macauhub source.

Around 70 percent of all Mozambique’s companies are either small or medium-sized.

The Mozambique Stock Exchange has around 20 listed companies.

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.

Last week, Nurmamad told Macauhub that the Mozambican state planned to issue treasury bonds and announced a bond issue by oil and gas company Petromoc, in two tranches, each worth US$10 million. (macauhub)