Bank of Mozambique pension fund is the new main shareholder of Moza bank

1 June 2017

The Management Company of the Workers’ Pension Fund of the Bank of Mozambique (Kuhanha) was the entity selected to proceed with the capitalisation of the Moza bank, becoming the largest shareholder with an 80% stake, the Bank of Mozambique said in a statement on Wednesday.

The statement also said Kuhanha was unanimously elected by the evaluation committee composed of the chairman of the Interim Board of Directors, a representative of the Bank of Mozambique and another of the International Finance Corporation, a member of the World Bank group.

The management company will invest 8.170 billion meticais (US$135.7 million) in the reinforcement of Moza’s capital, taking on an 80% stake, with the remaining 20% ​​being held by Novo Banco, the bank that took on the quality assets of bankrupt Banco Espírito Santo, and Moçambique Capitais, with about 10% each and a private investor with 0.01%.

This decision was made possible due to the fact that Moçambique Capitais (a group of about 400 Mozambican investors) and Novo Banco, which held 51% and 49% of Moza’s capital respectively, declined to exercise of their preferential rights, within the deadline, ending on 23 March 2017.

At the meeting with the press on Wednesday, neither Bank of Mozambique’s director, Alberto Bila, nor the Chairman of the Interim Board of Directors, João Figueiredo – who will continue to lead Moza – said other offers had been delivered to the evaluation committee. (macauhub)