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Algeria says eight state firms to list on Bourse
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8 November 2013
ALGIERS (Reuters) - Algeria's government has authorised eight state firms to list on the Algiers stock exchange, including telecommunications and cement companies in an attempt to diversify the over-regulated economy, state media said on Thursday.
Only four companies are now listed on OPEC producer Algeria's exchange, which lags those of Morocco and Tunisia with very low liquidity and restrictions in a state-dominated economy.
'This is a strong signal from the government to boost the economy and diversify the financial resources,' government-run newspaper El Moudjahid quoted the head of the Algerian capital markets authority, Abelhakim Berrah as saying.
Public companies rely heavily on state finances which depend on oil and gas export revenue.
Barrah told the newspaper the list included mobile telephone operator Mobilis, state bank Credit Populaire d'Algerie (CPA), insurance company CAAR, Cosider-Carriere, a subsidiary of construction firm Cosider, three cement plants and water company Hydro-Amenagement.
Also under the decision, Avenir Decoration will become the third private firm to list on the Algiers exchange.
A new law for the exchange, drafted with international experts, has been approved by the government and aims to ease procedures for companies wishing to list, with the goal of diversifying funding sources.
The head of the Algiers bourse last year told Reuters the government was soon planning reforms to allow foreigners to list on the exchange.
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