Shares of fuel company Enacol will once again be allowed to be bought and sold on the Cape Verde Stock Exchange, according to a source from the Bank of Cape Verde. The source at the central bank stressed the importance of an understanding between Enacol stockholders Galp (a Portuguese fuel company) and Sonangol (the Angolan state petroleum company) in order to avoid a blind dispute for control of the Cape Verdean company.

The trading of Enacol stock was suspended over a month ago, when the share price reached a record level of 7,000 escudos, as opposed to the 4,500 escudo price tag of just seven months before. Concerned about this “excessive appreciation” of Enacol’s shares, the Cape Verde Stock Exchange suspended trading on the stock, a decision that remains in effect up to the present.

The decision to suspend the sale and purchase of Enacol stock was met with a certain lack of confidence from economic interests and observers. A Semana Online has also learned that the decision was questioned by the Bank of Cape Verde, the entity that regulates financial and stock trading activities in the country. According to a well-positioned source, the central bank will put an end to the suspension and allow the market to function normally with regards to Enacol stock.

A Semana Online’s source was not, however, able to say exactly when the Bank of Cape Verde would officially put an end to the suspension. “This decision has already been made, the Bank of Cape Verde just has to put it into practice,” said the source, who also expressed hopes that Galp and Sonangol would put an end to the dispute they had been engaged in for control of Enacol through the Cape Verde Stock Exchange. “For the good of Enacol, especially that of its small shareholders, it would be good for there to be an understanding between the two strategic partners,” the source told A Semana Online.

Source: A Semana