Speaking to the Lusa news agency, the chairman of the Cape Verde Stock Exchange (BVC), Miguel Monteiro, said that the suspensions were not directly related to the companies, without giving any further details for reasons of confidentiality.
According to an official note consulted by Lusa, on Monday the BVC suspended the listing of Enacol and Sociedade Cabo-Verdana de Tabacos (SCT) securities, whose prices showed “abnormal fluctuations or fluctuations likely to affect, temporarily or permanently, the regular functioning of the market.”
“The suspension will remain in place until the situation that led to it is regularized or the facts that caused it to cease,” reads the same note.
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According to the chairman of the Cape Verde Stock Exchange, the aim is to allow the General Audit Office of the Securities Markets (AGMVM) to verify and eventually apply measures
“In other words, the suspension will continue until the AGMVM tells us what the investigation it is carrying out” has uncovered, in order to “clarify this abnormal oscillation in the share prices of SCT and Enacol,” said Monteiro.
On the same day, AGMVM also issued a statement, for each company, announcing the suspension of share trading.
Miguel Monteiro told Lusa that the Cape Verdean stock exchange would “wait serenely” for the outcome of the regulator’s investigations, which he hopes will take place as soon as possible.
In addition to Enacol and SCT, the other two companies listed on the Cape Verde stock exchange are Banco Cabo-verdiano do Atlântico (BCA) and Caixa Económica de Cabo Verde (CECV).
Enacol recorded historic profits of €9.5 million in 2022, double that of the previous year, according to the company’s report and accounts.
Led by Galp, with a 48.29% stake, the company’s shareholder structure also includes the Cape Verdean branch of Sonangol (38.99%), while the remaining small shareholders total 12.72% of the share capital, namely after the sale, in 2019, of the 2.1% stake held by the Cape Verdean state.
SCT’s profits fell by 6.7% in 2022, to 217.4 million escudos (€2 million)
The shareholder structure of the Cape Verdean tobacco company is led (51.15%) by a group of companies, with 122,760 shares, followed by the municipality of Sal (12.50%), which holds 30,000 shares.
The remaining 87,240 shares (36.35%) are listed on the Cape Verde Stock Exchange and distributed to the general public, according to information from the company.
Based on the island of São Vicente, the Cape Verdean tobacco company closed 2022 with around 40 employees and a record market capitalization of 567 million escudos (€5.1 million ).
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First published in Africa 21 Digital. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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