Angola to Start Trading Stocks This Year as Banks Plan Listings

Angola, sub-Saharan Africa’s third-largest economy, will trade selected shares and corporate bonds by the end of 2015, meeting an original deadline for an equities market that was pushed out by two years.

“There are some banks and telecommunications companies interested” in listing their securities, Pedro Pitta Groz, executive commission president of the country’s exchange, said in an interview at a debt conference in the capital, Luanda, on Thursday.

The southwest African country’s capital markets regulator two years ago set 2015 as the target date for equities dealing to begin on the bourse, known as Bolsa de Divida e Valores de Angola, or Bodiva. This was pushed out to 2016 and last July, authorities said it would have to be postponed to 2017 to give companies time to first improve accounting and corporate governance standards.

Angola, Africa’s second-largest crude oil producer, has considered the development of a stock exchange since before a 27-year civil war ended in 2002. The bourse will probably have a market capitalization equal to 10 percent of its Angola’s gross domestic product within 18 months of starting, according to the regulator, which would make it the continent’s sixth-largest.

Banco Angolano de Investimentos SA, the country’s largest lender by assets, and Banco de Fomento Angola SA have joined Bodiva, Groz said. Banco Millennium SA and Banco Privado Atlantico SA are expected to join in days, he said.

Companies such as Banco de Poupanca e Credito SA and Unitel SA, the country’s largest mobile operator, are also expected to join, the Capital Markets Commission said last year.

Angola began selling government bonds to investors in December. The technology platform to trade corporate bonds is ready and only requires interest from investors, Groz said on Thursday.

Oil prices that have fallen about 40 percent since June are pushing the country to seek about $10 billion in domestic and foreign debt issues this year, according to the Finance Ministry.

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