/ 16 October 1999

MOZAMBIQUE OPENS ITS EXCHANGE

MOZAMBIQUE’S first stock exchange, Bolsa de Valores de Mocambique, opened on Thursday, the head of the project said. After a series of postponements, Yossub Nurmamadi, told a news conference that the stock exchange finally opened with the sale of $5-billion treasury bonds issued by the government in May. The stock exchange opened more than a year later than planned due to logistical problems. South African-led Mozambique Breweries (CDM) and the recently rehabilitated sugar company Maragra Sugar, jointly owned by multi-national Illovo Sugar, will be quoted on the exchange by the end of this year.