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Lusa - Business News - Mozambique: Dam operator HCB seeks financial partner for sale of 7.5% stake

Maputo, Feb. 12 (Lusa) - Mozambique hydroelectric dam operator Hidroeléctrica de Cahora Bassa (HCB) on Monday announced that it was formally seeking a partner for the operation to sell shares equivalent to 7.5% of its capital on the country's stock exchange.
The company is looking for a "leading entity in financial intermediation to supply services relating with the organisation, registration, obtention of authorisation, marketing, launch and execution of a public offer for sale of shares in HCB," it said in statement.
No date has yet been scheduled for the public offering, plans for which were announced by the country's president, Filipe Nyusi, at the end of November.
According to the statement, the company hopes "to contribute to promoting the economic inclusion of Mozambicans, as well as the consolition of the credibility of HCB with major domestic and international participants in the enterprise, with a focus on financial institutions."
The state has held 85% of HCB's shares since an accord in 2007 in which Portugal handed over its controlling stake dating back to colonial times.
The dam managed by the company, located on the River Zambeze, in Tete province in central Mozambique, is the largest in Southern Africa. Its construction was started in 1969 and it began operating in 1977.
As well as supplying electricity for the domestic market, HCB also supplies various other countries in the region.


Agency : LUSA

Date : 2018-02-13 10:24:44


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