The Mozambican Government has determined that state-controlled companies and large economic operators must make part of their capital available to the public through the Mozambique Stock Exchange (BVM), in a measure intended to strengthen citizens' participation in the national economy and to energise the country's capital market.
The decision was approved by the Council of Ministers at its session of 10 February and made public recently. The central aim is to allow more Mozambicans to invest in, and benefit directly from, the wealth generated by companies operating in the national territory.
Under the new guidelines, all companies under the oversight of ministries or other public bodies must sell between 5% and 20% of their capital to the public through the exchange. The measure is also a way of finally giving effect to a legal provision approved more than a decade ago, but which was never fully applied.
According to the chairman of the board of the Mozambique Stock Exchange, Pedro Cossa, the decision had been awaited for several years and represents an important step towards making effective the principle of public participation in the large companies operating in the national economy.
The origin of this obligation dates back to 2011, when the Assembly of the Republic approved the law on public-private partnerships, large projects and business concessions. The law established that companies belonging to the state business sector or with a strong presence in the economy should make between 5% and 20% of their capital available to the public.
The legislation provided for the process to be implemented within five years. However, fifteen years later, no company has used this specific mechanism to place shares on the market under that rule.
Even so, some large companies are already listed on the Mozambique Stock Exchange through different processes. The most notable cases include Hidroeléctrica de Cahora Bassa (HCB), the Mozambican Hydrocarbons Company (CMH) and Cervejas de Moçambique (CDM).
The performance of these companies illustrates the income potential associated with shareholding. In 2025, the three companies distributed around 1.848 billion meticais in dividends to their shareholders.
Pedro Cossa considers that this amount could have been substantially higher had other companies complied with the legal obligation to make shares available to the public.
Under the new government decision, the companies covered will have three years to begin the process of opening up their capital, and must submit quarterly reports to the Government on progress made.
Estimates from the Ministry of Finance indicate that at least 372 companies could be covered by the measure if the legislation is applied in full.
The decision could affect strategic sectors of the Mozambican economy, including banking, insurance, telecommunications and the cement industry, areas where several companies are majority-controlled by foreign investors.
According to Pedro Cossa, many of these companies already have shares listed on the stock exchanges of their shareholders' countries of origin, but do not offer Mozambicans the possibility of taking part directly in the capital of the operations carried out in Mozambique.
For the leadership of the Mozambique Stock Exchange, the measure represents a structural step towards widening citizens' access to investment and to the benefits generated by the large companies operating in the country.
According to Cossa, the initiative is in line with the vision championed by the President of the Republic, Daniel Chapo, of promoting an economic environment in which young people can invest, start businesses and build their future through more active participation in the economy.
If implemented consistently, the decision could represent a turning point for the Mozambican capital market, widening the base of domestic investors and strengthening the exchange's role as an instrument for financing the economy.
