A bolsa de valores de Moçambique como mecanismo de financiamento das empresas: o caso da Cervejas de Moçambique, Hidroeléctrica de Cahora Bassa e Tropigalia

Abstract

This study aims to analyze the role of the Mozambique Stock Exchange (BVM) as a financing mechanism for companies, using Cervejas de Moçambique (CDM), Hidroelétrica de Cahora Bassa (HCB), and Tropigalia as case studies. The research sought to evaluate the performance of these companies during the three years prior to and the three years following their stock exchange listing, in order to understand whether the listing contributed to strengthening their financing capacity, improving their financial structure, and influencing their economic and financial performance. To achieve this, interviews were conducted with four key institutions, providing relevant information on the functioning of the capital market, listing requirements, and the experiences of the companies analyzed. This information was subsequently supplemented by an analysis of the annual reports and financial statements of CDM, HCB, and Tropigalia, allowing for a comparison of the evolution of key financial indicators before and after their listing. The results indicate that the BVM plays an important role in corporate financing, though the nature of this role varies in each case. For Tropigalia, the stock exchange had a more direct impact—particularly in 2022, when a public offering for subscription (OPS) enabled the company to strengthen its capital and finance investments in fixed assets, logistics infrastructure, and working capital. In the cases of CDM and HCB, the stock exchange served a more complementary function. CDM continued to rely on internal resources and bank credit to support its expansion, while HCB utilized a public offering for sale (OPV) primarily as a means to broaden its shareholder base, foster economic inclusion, enhance transparency, and invigorate the capital market. It can be concluded, therefore, that entering the stock exchange does not eliminate the need for other sources of financing; rather, it bolsters equity, improves the financial structure, enhances institutional credibility, and strengthens practices related to transparency and good governance. Consequently, it is recommended that companies wishing to list on the BVM ensure they have audited financial statements, a sound corporate governance structure, a well-planned strategy for the distribution of shares, and guidance from specialized entities—such as the BVM itself, consultants, auditors, and business associations.(TRADUÇAO NOSSA)