Bolsa de valores de Moçambique: Emissão das obrigações do Grupo Madal, SARL

Abstract

The present work focuses on the issue of bonds by Grupo Madal, SARL, through the Mozambique Stock Exchange - BVM. For a better understanding of the subject in question, a description of financial markets, in general and, in particular, the Mozambique Stock Exchange, its functioning, necessary conditions for the admission of a company and, finally, the admission and issuance of bonds of the Company Grupo Madal, Sarl. The Mozambican financial market had as its first experience the issuance of treasury bonds in 1988, where the extinct Banco Popular de Desenvolvimento and the Banco de Moçambique, in the capacity of Commercial and Central Bank, ensured the operations of subscription, realization, semi-annual payment of interest and the disbursement of amounts on the due date. The Bank of Mozambique, in addition to participating in this process as the financial intermediation agent, had the role of coordinating operations, as the highest monetary authority and legal representative of the State of Mozambique. The National Treasury, the institution responsible for managing public finances, has the role of administering the application of funds in accordance with the General Budget Plan of the State. The implementation and entry into force of the PRE (Economic Rehabilitation Program) in 1987, and the consequent liberalization of the market and privatization of some state-owned companies and approval of the Securities Market Law, called BOLSA DE VALORES DE MOÇAMBIQUE, which entered in operation on October 14, 1999, basic conditions were created for the expansion and diversification of the Mozambican financial market, providing more instruments for national economic agents to be able to choose in case they need to resort to third-party funds for financing or medium and long-term investments deadlines.