The capital of Mozambique’s Moza Banco has been increased by 3.5 billion meticais (US$59 million) to 13.841 billion meticais (US$230 million), after unanimous approval by the shareholders gathered at an Extraordinary General Meeting last Wednesday, the bank said in a statement.
“This capital increase is intended to ensure the implementation of the 2017-2021 Strategic Plan and will allow Mozal to strengthen its strategic positioning and business,” the statement said.
After the capital increase, Kuhanha, the pension fund of the Bank of Mozambique, holds 84.6% of the bank’s capital, Moçambique Capitais has 7.845%, Portuguese holding company Novo Banco África has 7.538% and shareholder António Matos has a single share.
The Bank of Mozambique announced the sale of Moza to Kuhanha at the end of May, after in September of last year it took over the bank, whose “financial and prudential situation” had deteriorated in an unsustainable way. (macauhub)