Bolsa de Valores de Mocambique
ARCO 100.00
CDM 33,75
CETA 120,00
CMH 2.750,00
EMOSE 20,00
HCB 2,10
REVIMO 12,750.00
TOUCH 100.00
ZERO 20,00
BAYPORT 2019 Série I 20.0000%
BAYPORT 2019 Série II 19.0000%
BAYPORT 2020 Série I 16.0000%
BAYPORT 2020 Série II 19,4000%
BAYPORT 2021 Série I 18,0000%
BAYPORT 2021 Série II 18,0000%
BAYPORT 2021 Série III 18,0000%
BAYPORT 2021 Série IV 18,0000%
BNI 2019 S1 16.0000%
CM 2017 19,0000%
OT 2005 S2 8.0000%
OT 2017 S6 16,9375%
OT 2017 S7 16.9375%
OT 2018 S10 14.8750%
OT 2018 S11 14.9375%
OT 2018 S12 14,9375%
OT 2019 S2 14.9375%
OT 2019 S3 14.9375%
OT 2019 S4 14,9375%
OT 2019 S5 14.9375%
OT 2019 S6 14,8750%
OT 2019 S7 15,3750%
OT 2019 S8 10,0000%
OT 2019 S9 12.0000%
OT Fornecedores 2019 4,0625%
OT 2020 S1 14.9375%
OT 2020 S2 14.9375%
OT 2020 S3 14,9375%
OT 2020 S4 14,9375%
OT 2020 S6 10.0000%
OT 2020 S5 14,9375%
OT 2020 S7 14,9375%
OT 2020 S8 14,9375%
OT 2020 S9 14,9375%
OT 2020 S10 14.9375%
OT 2020 S11 3,8125%
OT 2021 S1 10.0000%
OT 2021 S2 13.0000%
OT 2021 S3 14,000%
OT 2021 S4 14,0000%
OT 2021 S5 14,2500%
OT 2021 S6 14,2500%
OT 2021 S8 14,0000%
OT 2021 S7 14,2500%


Financing through sale or Issue of Shares

Companies can finance themselves by the sale of their own shares (Sale Offer) or by issuing new shares (Subscription Offer). This form of financing allows companies to obtain the financial resources they need from investors through the capital market, in exchange for the distribution of their companies' profit in proportion to the shares held. Holders of shares are called shareholders, and the profit of their companies that is distributed to them is called dividend. 

Who can sell or issue Shares?

The entities that can sell the companies' shares or issue new shares are all the entities whose share capital is represented in the form of shares, namely limited liability companies. A limited liability company that wishes to finance itself via Shares will first have to become a limited liability company.

Reasons for issue of Shares

A company chooses financing through the issuing of Shares, for:

  • The company´s training and expansion projects;
  • Diversifying financing alternatives;
  • Shareholders reimburse the amount invested through the sale of their shares, this not being an obligation of the company;
  • The income distributed to shareholders (dividends) depends on the company´s financial performance.

Conditions for issuing Shares

When deciding whether to sell or issue new shares, the following characteristics should be taken into account:

  • The amount of sale or issuing of new shares should be determined – which represents the amount of financing;
  • Price per share;
  • The conditions for sale or issuing of new shares of the company are previously established in a document designated by Technical File of Issue, which contains: Issue Amount; Nominal value and share subscription value;
  • Nature of the shares (bearer or registered);
  • Fiscal Regime;
  • Financial Settlement Conditions; Leading Financial Institution;
  • Other relevant conditions.

Who purchase or subscribe the Shares?

A sale of shares or issue of new shares of a company may be placed with a predetermined range of investors (Private Offering modality) or with an indeterminate range of investors (Public Offering modality).

An operation of sale or issue of new shares may be placed with investors, simultaneously in the Public and Private Offering modalities, in which case the transaction as a whole is considered to be a Public Offering.

Issue of Shares by Private Placement

The sale of shares or issue of new shares of a company that is done through Private Offering is not subject to authorisation by the Bank of Mozambique, so it is a relationship between the Company and the buyers or subscribers of Shares. 

Issue of Shares by Public Offering

The sale or issue of new shares of a company that is done through Public Offering is subject to prior authorisation by the Bank of Mozambique, in its capacity as the Market Supervisor of Securities. Prior to the launch of a Public Offering trading of Shares, the company must submit to the Bank of Mozambique, through a financial institution, a set of documents consisting of:

  • Copy of the minutes of the decisions or resolutions of the issuer's governing bodies;
  • Updated copy of the issuer's articles of association;
  • Commercial registration certificate;
  • Management reports, accounts, opinions of the supervisory bodies and legal certification of accounts of the issuer, referring to the last years.

If the Public Offering for Sale or Subscription of Shares is accompanied by any advertising campaign, the advertising material must also be authorised by the Bank of Mozambique before it can be disclosed to the public.

Registration of Shares in the Central Securities Depository

Until the date of the Private/Public Offering of Sale / Subscription of Shares, the company registers the issue with the Central Securities Depository, and the financial institutions register the Shareholders.

Admission to listing on the Stock Exchange

Shares may be listed on the Mozambique Stock Exchange (BVM), and companies must comply with a set of requirements:

  • Financial nature (market capitalization, equity, publication of accounts);
  • Legal nature (legal compliance of companies, legal compliance of securities);
  • Nature of the market (dispersion by the public, obligation to provide information). The admission to listing on the stock market for issuing shares offers to the companies issuing them a set of advantages: Credibility of the companies;
  • Higher visibility of the companies; Share appreciation potential; Greater confidence with investors; More favourable tax regime.

Admission to listing on the stock market of share emissions offers businesses that emit a number of advantages:

  • Credibility of the company;
  • Increased visibility of the company;
  • Growth potential of the shares;
  • Greater confidence among investors;
  • More favorable tax regime.

Other alternatives for Securities financing

In addition to the issue of shares, Companies may obtain financing in the Capital market, through: Issuing Bonds and Commercial paper.