The Capital Market Commission (CMC) of Angola has identified, via the Programme for Preparation of Companies for the Equity Market (Propema), a group of 74 companies to launch this segment of the capital markets, said the chief executive of the CMC.

Ottoniel Santos said in recent statements cited by Jornal de Angola that the next step will be to find out if the identified institutions meet the profile required by the market and the “letter” of good corporate governance practices, a process already begun and with the dossiers of several companies.

The chief executive said that Propema had the agreement of these 74 companies and added the CMC is currently ascertain which of them are in a position, in terms of their internal organisation and structure of their financial information to be included in the stock market .

The selection of the first companies to have shares listed will be put together by the Angolan Debt and Securities Exchange (Bodiva), judged based on their “agility and proximity” to operators and under the supervision of the market supervisory body, the CMC.

Santos gave assurances that the CMC has created the legal infrastructure necessary for the launch of the stock market, and that only “suitable companies” to participate in market trades were now needed. (macauhub)