The Mozambican state has begun its public offering of 2.5 percent of the stock of Cahora Bassa Hydroelectric, the operator of a hydroelectric plant in the central Mozambican province of Tete, Xinhua reports.

The Chinese government-run news agency says the offering will end on July 12, after which the shares will be floated at the Mozambican Stock Exchange.

The report says only Mozambicans may buy the shares.

Mozambican President Filipe Nyusi said last November that the sale of shares in Cahora Bassa Hydroelectric was meant to spur the development of the capital market in his country, Xinhua says.