First private company to list on Algiers stock exchange

Sep 03, 2010

An Algerian insurance company will list on the Algiers stock exchange later this year. It will be the first private firm in the country to do so.

Reuters reports Alliance Assurances will issue 1.8 million shares in October, with the aim of raising 1.4 billion Algerian dinars (€14.5 million).

Chief Executive of the firm Hassen Khelifati told the news agency that Algeria's financial market is "under construction". "I think with the will of the authorities and financial players, we can boost this market to make it fully participate in the development of the country," he was quoted as saying.

Mr Khelifati stated he expects at least four other unnamed companies will list on the exchange before the start of next year, adding the money Alliance raises will be used to make investments and boost its capital.

So far, only seven companies - including Air Algerie and Algerie Telecom - are listed on the bourse, which is developing slower than its counterparts in Morocco and Tunisia. It has been a decade since the last business floated equity on the exchange.