Maputo, 29 Sep (AIM) – The three state-owned companies that acquired stakes of the publicly-owned company Air Mozambique (formerly known as Mozambique Airlines, LAM) have established a company which will be responsible for supporting the acquisition of aircraft.
The companies in question are: Hidroelectrica de Cahora Bassa (HCB), the company that operates the Cahora Bassa dam on the Zambezi river, in the central Mozambican province of Tete, which acquired of 25.2 percent of the share capital; the rail and port company, CFM, and the insurance company EMOSE, which acquired 15.4 percent of LAM’s shares by investing 22 million dollars each.
The newly established company, which has a share capital of 10 million meticais (156,000 US dollars at the current exchange rate), is called Fly Moz Investimentos and it started operating last March. It is headquartered in Maputo.
According to João Matlombe, Minister of Transport and Logistics, speaking at the 22nd Economic Briefing – an event organized by the country’s Confederation of Economic Associations of Mozambique (CTA) – the company is registered on the country’s Stock Exchange (BVM).
For his part, Pedro Cossa, BVM Chairman, revealed that the new company will first be responsible for acquiring aircraft and making them available to LAM under a “dry lease” arrangement.
“Fly Moz will own the aircraft, while LAM operates them under its own Air Operator Certificate and assumes responsibility for crews, maintenance, and insurance. In a second phase, the company will join LAM’s shareholder structure”, Cossa said, cited by the independent newsheet “Carta de Moçambique.”
According to the chairman, Fly Moz itself submitted additional information to the BVM regarding the activities carried out between March and June 2026.
“The decision to list Fly Moz rests with the BVM Board of Directors, and the process is in the final stage of review. The company’s bylaws made it possible to present financial statements as of June 30, 2026, with all associated requirements.
According to Cossa, the listing of Fly Moz introduces an asset with exposure to the aviation sector to the Mozambican capital market. “It diversifies the range of offerings, deepens the market, and opens up the opportunity for domestic investors to participate, via the stock exchange, in a project of strategic interest to the country”, he said.
Over the last 10 years, LAM, which used to operate with just two airplanes, has been shaken by a financial crisis involving corruption practiced by the company workers during the acquisition of services. The company has recorded debts with suppliers, valued at over 230 million dollars as a result of embezzlement.
In 2024, LAM was under the management of the South African company Fly Modern Ark (FMA), which was hired by the government to bring the company into profitability and rescue it from bankruptcy. However, the effort did not solve anything.
Am/
