Jan 26 2006 |
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Cevital Raises DZD 5 Billion with Bond
The Algerian private industrial group Cevital raises DZD 5 billion (about $70 million) in money through a bond issuance. Cevital sold the bonds to eight financial institutions. Cevital 's move is the first for a private company in Algeria, while the public sector has already tapped into this sort of financing instrument with companies like Sonatrach, SRH, Sonelgaz, Air Algérie, Algérie Télecom, Entp and Enafor. This initiative, piloted by the Credit Populaire d'Algerie (CPA) was open to institutional investors and not to individual investors.Cevital 's bond issuance has been greeted with optimism in the Algerian financial sector, which has suffered from poor banking practices and financial scandals. Some see the move as an opportunity for the emergence of a national financial market, in particular as the Algiers Stock Exchange has, thus far, failed to generate interest in the business community. The stock exchange currently has a small listing of 22 companies with a combined capitalization of just about DZD 120 billion (about $1.7 billion).
Managed by entrepreneur Isaad Rebrab, Cevital will use the money to finance its growth to 2010. The company has 15 projects in planning, five of which have already begun.
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