Angola eyes stock market opening in Q3

By Henrique Almeida

LUANDA (Reuters) - Angola expects to open a stock market in the capital, Luanda, in the third quarter of 2009, as hopes of a global economic recovery increase investor appetite for stocks.

The launch of the stock exchange had been expected to take place in the first quarter of the year, but the financial crisis, which sent shockwaves through stock markets around the world, prompted many Angolan firms to hold back from listing.

There are currently no listed companies.

The chairman of the CMC Angolan stock exchange, Cruz de Lima, said he expects state-run oil firm Sonangol, Angola's largest company, to list one or more of its subsidiaries along with up to 50 other state and privately owned companies.

"We are all set to go," Cruz de Lima said in an interview with Reuters. "The government had a busy agenda this year ... and had to postpone plans to open the stock market until the third quarter."

Cruz de Lima added many Angolan companies were eyeing the stock market again as an alternative source of funding amid rising hopes of a global economic recovery. Leading commercial bank BFA and telecoms group Unitel have not ruled out a listing.

"Some six or eight months ago some companies said they would no longer enter the stock market. But their views then no longer make sense," he said in an interview with Reuters.

"Many companies want to list their shares in the stock market. It is now up to the government to decide which public companies it wants to list. But our stock exchange will be attractive for investors even without state-owned firms."