Five Mozambican companies have joined the Mozambican Stock Exchange (BVM) in order to raise capital, the president of the Confederation of Mozambican Economic Associations (CTA), the country’s largest employers association, said recently.
Agostinho Uma said that the five companies are Cotur Travel & Tours, VBM, Água Vumba, Mozambique Power and Sociedade Moçambicana de Medicamentos and added that there are another 26 that are meeting the requirements for admission to listing, according to Maputo daily newspaper Notícias.
The president of the CTA pointed out that the interest of Mozambican companies in the BVM is increasing, due to benefits such as reduction of interest rates and a drop in Corporate Income Tax of 50%.
The president of the Mozambique Stock Exchange, Salim Vale, said in August 2017 that the use of the stock exchange for economic development was still weak and added, “for this reason, the BVM is committed to increasing the number of companies and investors that use the bourse as a means to finance the economy.”
The Mozambican Stock Exchange, set up in 1999, currently has six companies – Cervejas de Moçambique, CETA – Engenharia e Construção, Companhia Moçambicana de Hidrocarbonetos, Empresa Moçambicana de Seguros, Matadouro da Manhiça (Matama) and Zero Investimentos .
The stock exchange’s market capitalisation totalled 76.604 billion meticals (US$1.311 billion) on 8 August, 2018. (macauhub)