Hidroeléctrica de Cahora Bassa (HCB) has hired Mozambique’s Banco Comercial de Investimentos and Portuguese bank Banco de Investimento Global (BIG) to lead the banking syndicate that will organise, register, obtain authorisation, advertise, launch and execute the sale of 7.5 % of the company’s shares on the Mozambican Stock Exchange (BVM), according to an official statement.
The public tender to hire the entity to lead the process of selling that stake was launched last February, with the statement released at the time noting that the operation would be carried out through an Initial Public Offering (IPO).
“The process of selling 7.5% of HCB’s shares through BVM will contribute to the promotion of the economic inclusion of Mozambicans as well as to the consolidation of the credibility of the Hydroelectric plant with the main national and international partners, notably financial institutions, as it demonstrates the company’s compliance with internationally accepted good practices of corporate governance and permanent public scrutiny,” the statement said.
The announcement of the entry of new Mozambican shareholders into the capital of HCB was made in November 2017, by the President of the Republic Filipe Nyusi, at the ceremony that marked the 10th anniversary of the agreement signed between Portugal and Mozambique that green-lighted the change in the shareholder structure of the facility. (macauhub)