Portugal’s Espírito Santo bank has 44 pct stake in Mozambique’s Moza Banco

20 May 2013

Portuguese bank Banco Espírito Santo (BES) now owns 44 percent of the capital of Mozambique’s Moza Banco after acquiring an 18.9 percent stake in the bank, the BES group said in a regulatory filing.

According to the statement issued via Portuguese stock market regulator CMVM, the deal was concluded by BES África and investment company Geocapital, owned by Macau gaming magnate Stanley Ho, which received around US$27 million for the 18.9 percent stake and now has a 5.6 percent stake in Moza Banco.

Moza Banco has paid-up capital of US$42.5 million, and the biggest stake, of 50.4 percent, is owned by Moçambique Capitais, a company that brings together over 300 small shareholders.

BES took a stake in January 2011 via BES África, by acquiring part of Geocapital’s stake in Moza Banco for 8.1 million euros.

Mozambican newspaper Savana said that Moza Banco, which is Mozambique’s 5th biggest bank, may increase its capital before the end of this year in order to continue with its expansion programme.

This is the second capital operation involving Mozambican banks in less than two weeks, after Banco Único sold 36.4 percent of the stake owned by a Portuguese consortium to South Africa’s Nedbank for US$24.1 million.

Meanwhile on Wednesday the bank issued commercial paper in the amount of 700 million meticals at a fixed ate of 11 percent for 6 months, which was totally subscribed.

Commercial papers are private short term debt securities that allow issuing companies to finance themselves directly on the market. (macauhub)