Moza Banco looking for clients
The chairman of the board of the investment company Moçambique Capitais (MC), Prakash Ratilal, sent a long letter on 16 March to the firm’s 274 shareholders inviting them to attend a general assembly to be held on 13 April. This company’s capital is $13 million and its shareholders include Tomas Arone Monjane (general director of Intelec Holdings), Salim Abdulla (chairman of CTA), Armando Guebuza (Head of State) and some children of Frelimo (government party) leaders. The Indian Ocean Newsletter has seen a copy of this letter, which takes stock of the company’s record. It discloses that MC is still a 51% shareholder of Moza Banco and Moza Capital (in partnership with Stanley Ho), has acquired 33.3% of Moztel (wireless communications) for $250,000 and owns stakes in CMH EP (exploration for gas) and Zamcorp (bio-fuel). Furthermore, MC owns real estate in Millennium Park intended to house a branch of Moza Banco. The latter, which had a difficult start in 2008 when it lost $10 million, will raise money via a rights issue in 2010. In his letter, Ratilal invited MC’s shareholders to participate in Moza Banco’s volume of business by placing their personal bank accounts and those of their families with the bank and also to use the services of the bank for their exchange operations and inviting their friends to do likewise. For its part, Moza Capital owns a stake in Emotel/Vodacom, is considering its involvement in mining, energy and agricultural projects and is acting as a commercial intermediary between the firm Sogir and the Chinese EximBank.
Saturday, 10 April 2010