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The Cahora Bassa Hydroelectric Company has signed a Banco Comercial e de Investimentos and Banco BIG consortium for its public offering of 7.5 percent of the company’s shares.
“This institution will provide services related to the organisation, registration, authorisation, publicity, launch and execution of the IPO of HCB shares on the Mozambique Stock Exchange,” a statement says. The IPO has not yet been scheduled but was announced by President Nyusi on November 27, 2017.
The company hopes to “contribute to the promotion of the economic inclusion of Mozambicans, as well as to the consolidation of HCB’s credibility with the main participants in the project, national and international, focusing on financial institutions”.
HCB is 85 percent owned by the Mozambican state, following reversion from Portugal in 2007. Located on the Zambeze River in the central province of Tete, the dam is the largest in southern Africa, with construction beginning in 1969 and hydroelectric operations in 1977. In addition to supplying the Mozambican market, HCB supplies electricity to several other countries in the region.Source: Lusa