Mozambique's largest hydroelectric plant starts public offering

Source: Xinhua| 2019-06-17 22:50:02|Editor: yan
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MAPUTO, June 17 (Xinhua) -- The state-owned Cahora Bassa Hydroelectric (HCB) of Mozambique started on Monday the public offering of 2.5 percent of its shares for Mozambican citizens and companies until July 12.

"The sale of HCB shares through the Mozambican Stock Exchange is directed only for Mozambican citizens, companies and institutions who can subscribe at any bank branch or through banks' internet platforms," Gameiro told a conference in Maputo.

The shares are expected to be admitted for trading on July 22 and the timetable for the sale of another 5 percent of its shares is yet to be set.

The administrator said the shares sale of HCB is a contribution to the development of the capital market, which "is still very incipient in our economy."

In November last year, Mozambican President Filipe Nyusi announced the sale of HCB shares and said that with the act, the government intends to contribute to the greater financial inclusion of Mozambicans, broaden access to the capital market and consolidate the company's compliance with good practices of corporate governance.

Built over the Zambezi River in the central province of Tete, the Cahora Bassa dam is the largest electricity supplier in the country.