The Cape Verdean telecommunications service provider Cabo Verde Telecom (CVTelecom) plans an IPO on the national stock exchange by the end of the year, according to Miguel Monteiro, president of the Cape Verde Stock Exchange, who revealed the plan in a recent press briefing.
The CVT Group comprises CVTelecom, CVMóvel and CVMultimedia and has been in the Cape Verdean market for over 26 years. it works in fixed and mobile communications, multimedia and information systems.
This is part of a wider reorganisation of CVTelecom. In April 2021, the government approved amendments to the company's electronic communications public service concession contract, allowing CVTelecom to carry out any reorganisation it deemed necessary. As part of its transformation strategy the company plans to merge its CVMóvel and CVMultimedia units into a single entity.
The Cape Verdean stock exchange aims to increase the number of listed companies to 25 by 2025. Currently, only four companies are listed on the Cape Verde Stock Exchange. This will rise to six when CVTelecom and another unnamed company join the exchange this year.
According to the Ecofin news agency, the stock exchange plans to revise its securities code to encourage the listing of Cape Verdean small and medium-sized enterprises (SMEs).
CVTelecom's IPO is expected to improve its access to the financing it needs for growth and investment.
In 2022 we reported that Cabo Verde Telecom (CVT) had signed a new 20-year concession to continue delivering telecommunications services in Cape Verde.