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Salimo Valá. [File photo: O País]
Cervejas de Moçambique (CDM) has raised 7.9 billion meticais (€115.4 million) in a public offering of shares on the Mozambique Stock Exchange (BVM), BVM president Salimo Valá has announced.
Quoted by Notícias newspaper, Valá said that the operation had made CDM the company with the largest proportion of its market capitalisation – 23.2% – in Mozambique.
CDM also has the largest number of Mozambican shareholders in the domestic capital market, currently standing at 2,118, he added.
“I have to commend CDM for its strategic choice to use the capital market insistently and with renewed confidence, and for expressing in its deeds acts the importance of BVM in the Mozambican financial system and economy,” Valá said.
The recent stock placement was the brewer’s second, the first taking place in 2012.
CDM CEO Pedro Cruz said the capital raised on the stock exchange would be used by the company to build a second factory, in southern Mozambique.Source: Lusa