Angola Stock Market Expected to Start in January, Lawyer Saysby
Angola stock market opening has been delayed for years
Country isn't currently working on a second Eurobond sale
Angola’s stock market is expected to start operating in January and will trade mostly public and corporate debt, Djamila Pinto de Andrade, a lawyer whose office is working with the Bolsa de Divida e Valores de Angola, also known as Bodiva, said.
“The process is almost complete and the timing expected for it to be launched is the second half of January,” Pinto de Andrade, a partner at Luanda-based FBL Advogados said by phone from Luanda on Friday. “It will start trading public and corporate bonds and other debt instruments until companies are ready to list their shares.”
Angola, sub-Saharan Africa’s third-largest economy, has for years delayed the opening of its stock exchange. Pedro Pitta Groz, Executive Commission President of Bodiva, said in May that the stock market would start by the end of this year.
While Angola is currently in a much better position to sell Eurobonds, there is no work currently being planned in terms of a second issuance, said Pinto de Andrade, whose office worked as the local legal adviser to the government on the country’s first Eurobond sale in November.
“There are currently no arrangements for a second sale,” said Pinto de Andrade. “Following the first Eurobond sale, the country is now in a better position to carry out future sales.”