Bolsa de Valores de Mocambique
HCB 5,75
CDM 200.00
CMH 1,100,00
CETA 120,00
EMOSE 20,00
ZERO 20,00
TOUCH 100.00
ARCO 100.00
OT 2005 S2 8.00%
Moza Banco 2013 Sub 22.50%
Visabeira 2015 21.75%
OT 2015 S4 10.125%
OT 2015 S5 10.50%
OT 2015 S6 10.50%
STB 2015 Sub S1 20.75%
STB 2015 Sub S2 21.75%
STB 2015 Sub. S3 21.75%
BNI 2016 S1 15.00%
Bayport 2016 S1 26.50%
Bayport 2016 S2 25.50%
OT 2016 S1 11.00%
OT 2016 S2 12.75%
OT 2016 S3 16.125%
OT 2017 S1 15.625%
OT 2017 S2 14.625%
OT 2017 S3 15.00%
OT 2017 S4 15.125%
OT 2017 S5 14.5625%
OT 2017 S6 18.25%
OT 2017 S7 18.25%
CM 2017 19.50%
Millennium BIM 2017 15.75%
Opportunity Bank 2017 S1 19.25%
Bayport 2017 S1 24.50%
OT 2018 S1 14.50%
OT 2018 S2 14.625%
OT 2018 S3 14.5625%
OT 2018 S4 10.00%
OT 2018 S5 16.00%
OT 2018 S6 16.00%
OT 2018 S7 16.00%
OT 2018 S8 16.00%
OT 2018 S9 16.00%
OT 2018 S10 16.00%
OT 2018 S11 16.00%
OT 2018 S12 16.00%
OT 2019 S2 14.00%
OT 2019 S3 14.00%
Opportunity Bank 2018 S1 19.25%
Opportunity Bank 2018 S2 21.50%

Action

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.