The Mozambique state owned distributor of petroleum products, Petroleos de Mocambique SA, is in the process of reviewing the possibility of an initial public offer of its shares either in South Africa or Europe. The move is designed to form part of a rapid expansion plan to raise the firm's profile, according to its chief executive.
Petromoc is discussion the option available as to public listing venue and target amounts to be raised with Banco Internacional de Mocambique SA. This was confirmed by CEO Nuno de Oliveira through an interview with the Wall Street Journal.
He said, "We have been evaluating it [listing plan] for about a month now with our shareholders on how best we can do this." De Oliveira made the remarks after signing a preparatory agreement with Hyrax Oil Sdn Bhd of Malaysia for the construction of a blending plant in Mozambique.
Many foreign investors have started to move on into the country as it taps its rich gas reserves located offshore. From the ruins of a country ruled by a Marxist economy rose a country that has used donor aid to stabilize its currency and rehabilitate its agricultural markets.
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