Second Market

The second market is the market segment for listing of securities issued by small and medium enterprises.

Admission requirements for listing are relatively lower than those required in the Official Listed Market.

Below are the admission requirements for listing of:

     Shares:

For admission to listing on the Second Market:

• The minimum value of the expected market capitalization or equity of a company to be admitted should be 4,000,000.00 MT (Four Million Meticais);
• The company must publish its management and accounts reports for the last 9 months. There should be a sufficient dispersion when the shares object of the request for admission to listing are dispersed by the public at a percentage of not less than 5% of the share capital subscribed and represented by that category of shares or, in its absence.

     Bonds:

For  listing bonds in the Second Market

• The minimum bond loan amount is 2,000,000.00 MT (Two Million Meticais)

 Comercial Paper:

A Commercial Paper issuance is a short-term loan (up to 1 year), where a company will obtain the financial resources it needs from investors through the capital market, by paying an interest rate and by returning the amount invested until the end of the loan period.

Learn more about the Second Market by reading the regulation here.

Third Market

The Third Market (preparatory or transitory market) is a market segment of the BVM, created with the aim of incubating / inducing / preparing companies to enter the Official Listed Market or the Second Market, intended to trade shares in a specific segment of companies (large or small), which do not meet, at the time of admission to listing, the requirements currently required for the "Official Listings Market" or "Second Market", two existing markets in the BVM, but which demonstrate the potential to fill such requirements within a reasonable time horizon.

Conditions:

This market can be accessed by small or large companies, provided that they intend to organize themselves to cumulatively fulfill the admission requirements required to ascend to the official BVM Markets.

The documentary instructions for listing shares on the Third Market will follow the terms of Appendix A of Regulation No. 1 / GPCABVM / 2010, of 27 May, with the exception of numbers 5 and 10.

Compliance with all legal requirements is mandatory in nature:

1. Company compliance: Articles of Association, Company Registration, Commercial Certificate and NUIT; and,
2. Compliance of shares: Registration of Company Shares with CVM, Minutes of Deliberation of the General Meeting.

Financial requirements, if the company does not meet at the time of application for admission, it is required to meet within a period not exceeding two years for admission to the MCO or  nine months for the Second Market;

Entities with shares admitted to listing on the Third Market are obliged to promote the respective dispersion among the public through sales directed or not, by stock exchange operators, within a time horizon that cannot exceed 2 (two) years.

  Learn more about the Third Market by clicking here.