Victoria Falls, Zimbabwe — 18 February 2013 – The Mozambique stock exchange may add five new listings by 2018, the first as early as June, as companies which are exploring for gas in the region intensify their efforts to raise funding for projects.
Bloomberg News quotes bourse CEO Anabela Chambuca Pinho in an interview as saying: “Foreign companies operating, or those wishing to extract gas and oil in our country that are listed on other exchanges, have to be listed on our exchange in Mozambique. These companies will need to raise capital in our markets.”
The southern African nation, site of the world’s largest discovery of natural gas in the past decade, has attracted companies, including Anadarko Petroleum Corporation and Eni SpA, as it pushes for investments of as much as US$30 billion into the industry by 2018.
The economy of more than 23 million people expanded 6.8% in the third quarter, and mining giant Vale SA “’ the world’s biggest iron-ore producer “’ is building a US$4.5 billion railway line to transport coal from its inland mine in Mozambique to the coast.
The Maputo bourse, known as the Bolsa de Valores de Mocambique, has a market capitalisation of more than US$977 million with three listed companies, as well as government and corporate debt, according to its website. Stocks include SABMiller plc’s Cervejas de Mocambique SA, a brewer, and Cia. Mocambicana de Hidrocarbonetos SA, a state-owned oil and gas company.
“By end of June, we expect one more company to be listed,” Chambuca Pinho said, declining to identify the business because of confidentiality agreements. “We are small in terms of numbers currently listed, but we are growing.”
A company must have a market capitalisation of more than US$900,000 to trade on the market, she added. The bourse recorded 250 trades in 2012, of which 191 were in the equity market and 21 on the bond market, Chambuca Pinho said. It trades from 9 a.m. to 12 p.m. on Tuesdays, Thursdays and Fridays, according to its website.
Source: Bloomberg News. For more information, click here.