Results of share sale of Mozambican insurance company Emose announced on 16 October

25 September 2013

The special stock exchange session to announce the results of the pubic share sale of 15.7 million shares in Mozambican insurance company Empresa Moçambicana de Seguros (Emose) is due to take place on 16 October, the company said in a statement.

The shares will be listed on the Mozambican stock exchange on 17 October and they will be freely tradable on the secondary market.

The operation was open only to mozambican investors at a unit price of 20 meticals, and the shares represent 10 percent of the company’s total capital.

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)