Mozambican government sells 10 pct of insurance company Empresa Moçambicana de Seguros

16 September 2013

Empresa Moçambicana de Seguros (Emose), Mozambique’s largest and oldest insurance company, is due Monday 23 September to launch a public sale of 10 percent of its shares, a company spokesman said.

With a view to expanding its shareholder base subscriptions to the public share offer ended Saturday. The move involves the sale of 15.7 million ordinary shares at a unit value of 20 meticals, and investors are required to subscribe a minimum of 50 shares.

The Emose spokesman told newspaper Mediafax that the money raised by the sale would be used to fund unspecified initiatives and projects.

The shares sold will be taken from the 49 percent stake currently owned by the State.

The State will thus reduce its stake in Emose to 39 percent. The remaining shareholders are State stake-holding company Instituto de Gestão de Participações de Estado (Igepe), with 31 percent and the company’s Technical Management and Workers Cooperative (Getcoop) with 20 percent.

Set up in 1977 following the merger of three colonial era insurance companies – Nauticus, Lusitana and Tranquilidade de Moçambique – until 1991 Emose held the monopoly on the insurance sector in Mozambique, which ended with the liberalisation of the sector. (macauhub)