The southern African country of Angola has outlined plans to open its stock exchange in 2016
The country’s Capital Markets Commission (CMC) revealed this last week saying that the plans of launching the stock exchange may even be brought forward to 2015 if the bourse was used to privatise state-owned companies. It added that a Luanda bourse, a potential entry point for foreigners, has been in the pipeline for more than a decade but delays have frustrated investors looking to tap into one of Africa's fastest-growing economies.
The latest delay had come in 2011 when the government said many Angolan companies did not meet the pre-requisites for listing.
A CMC spokesperson said that a new CMC board appointed last year has decided to take a gradual approach to opening markets.
The plan will include, he added, opening a secondary bond market in the fourth quarter of 2013, helping pave the way for a stock market for which Angola has already identified several eligible private companies.
A CMC statement revealed, “When the technological conditions for the negotiation of debt are created, conditions for the issuance and trading of shares will also be created.
“The CMC has identified several private companies in sectors such as banking, telecoms and retail as being eligible for a stock market.”
A corporate bond market is set to be opened next year, the spokesperson said, adding that the calendar depended on the government passing a set of rules into law, which is expected to happen in the next few weeks.
