Over 480 Major Projects Should Be Listed on Mozambique Stock Exchange, Says Chapo

The President made the remarks in Maputo during a ceremony marking the 28th anniversary of the Mozambique Stock Exchange, which also witnessed the listing of MECTS, the first public-private partnership company to enter the country's stock market.

"These 487 enterprises operating under public-private partnerships, large-scale projects and business concessions are legally required to be part of the Mozambique Stock Exchange, and Mozambicans must be part of these companies," Chapo stated.

The Head of State described MECTS's listing as an important step towards implementing legislation governing citizens' participation in the ownership of major economic enterprises, stressing that other companies covered by the same legal framework should follow its example.

"MECTS should be the first, but not the only one, nor the last company to be listed on the Mozambique Stock Exchange," he declared.

Chapo recalled that the Public-Private Partnerships Law requires a portion of the share capital of these enterprises to be made available through the stock market, preferably to Mozambican citizens. However, he expressed concern over the delays in implementing this legal provision.

"Fifteen years have passed since this legislation was approved, and 28 years since the Mozambique Stock Exchange was established. Yet only now are we witnessing the first company being listed under this public-private partnership framework," he noted.

According to the President, Mozambique must move beyond an economic model in which citizens participate primarily as employees and consumers, enabling them to benefit directly from investments through share ownership.

"We do not want an economy in which Mozambicans are merely workers and consumers, but rather one in which they are also entrepreneurs, investors, shareholders and owners of productive assets," he emphasised.

Chapo added that the capital market should create opportunities for different segments of the population, including young people, women entrepreneurs, civil servants, farmers and small business owners, allowing them to build wealth and participate in the country's economic growth.

The President also warned that compliance with legal provisions concerning national participation in company ownership should not depend solely on the willingness of economic operators.

"Compliance with legal obligations regarding national participation is not optional. Compliance with the law cannot depend on the goodwill of companies," he stated.

Meanwhile, the Chairman of the Board of Directors of the Mozambique Stock Exchange, Pedro Cossa, described MECTS's admission to the market as a milestone in the development of the country's capital market, as it opens the door for other companies operating under public-private partnership arrangements.

"The significance of this event goes beyond the listing of a single company. First, it expands the range of issuers and paves the way for other enterprises to follow," Cossa explained.

MECTS is a Mozambican technology company responsible for operating the Electronic Sealing and Transit Cargo Tracking System (SEERC), implemented in partnership with the Mozambique Tax Authority.

The company also develops and manages digital platforms aimed at modernising institutional and business processes.

Its admission to the Mozambique Stock Exchange marks the first listing of a company under the public-private partnership framework, as the Government seeks to expand Mozambican citizens' participation in the ownership of major economic enterprises across the country.