Hidroeléctrica de Cahora Bassa (HCB) recorded a significant 17.17 per cent increase in the price of its shares during the first half of 2024, standing out positively compared to the same period in 2023.
According to HCB’s half-yearly report, consulted by Diário Económico this Thursday (15), in January 2024, the share price was 2.33 meticals, rising to 2.73 meticals in June. In the first half of 2023, the share price was 1.90 meticals in January, rising to 2.31 meticals in June, representing growth of just 21.6 per cent. ‘These figures underline the significant improvement in the performance of HCB shares in 2024,’ the document emphasises.
The appreciation is attributed to the company’s ‘robust financial performance and continued investor confidence’. The report also highlights the payment of dividends in May, for the 2023 financial year, of 0.27 meticals per share, representing a growth of 73.1 per cent on the previous year. This payment is equivalent to a dividend payout of 55 per cent, 30 percentage points higher than that established in the company’s articles of association.
Despite an 81.5 per cent reduction in the volume of shares traded during the period under review, totalling 840,386 shares, the share price maintained an upward trend. ‘This behaviour reflects the market’s confidence in HCB’s future prospects,’ explains the report.
The HCB share price evolution chart, covering the period from August 2019 to June 2024, illustrates considerable variations over time. After a peak of 10.47 meticals in October 2019 and subsequent fluctuations, the price stabilised, growing steadily until the recent increase in 2024.
In 2019, HCB launched a public offer for sale (IPO) of 686,887,315 shares, representing 2.5 per cent of its share capital, with each share valued at 1 metical. Banco Comercial e de Investimentos and Banco BIG Moçambique were the financial intermediaries and global coordinators of the operation.
The shares were divided into four segments. Segment A was aimed at HCB employees, with a minimum of 100 shares and a maximum of 15,000 shares per investor. Segment B was aimed at small individual national investors, with a minimum of 20 shares and a maximum of 7,000 shares per investor.
Segment C was aimed at individual national investors, with a minimum of 1,000 shares and a maximum limited to the number of shares on offer, with a subscription guarantee of up to 2 million shares per investor. Finally, segment D was aimed at collective national investors, with a minimum of 20,000 shares and a maximum also limited to the number of shares on offer, with a subscription guarantee of up to 2 million shares per investor.
“In the first half of 2023, the share price was 1.90 meticals in January, rising to 2.31 meticals in June, representing growth of just 21.6 per cent.These figures emphasise the significant improvement in the performance of HCB shares in 2024″
Hidroeléctrica de Cahora Bassa (HCB) has been the company of the Cahora Bassa hydroelectric complex since 1975. It produces, transports and sells electricity to Mozambique, South Africa, Zimbabwe and the Southern African Power Pool (SAPP).
The state owns 90 per cent of HCB’s share capital, while the Portuguese company Redes Energéticas Nacionais (REN) owns 7.5 per cent and Electricidade de Moçambique (EDM) has 2.5 per cent.
The Cahora Bassa reservoir is the fourth largest in Africa, with a maximum length of 270 kilometres and a width of 30 kilometres, occupying 2,700 square kilometres and an average depth of 26 metres.
Felisberto Ruco (DE)
