Mozambique: 70 state-owned companies will soon be sold or liquidated

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(2015-08-21) The Institute for Management of State Holdings of Mozambique (IGEPE), which manages the state’s interests in the business sector, has announced the sale or liquidation of 70 of the 113 public companies, which have proved economically unsustainable.

The IGEPE announced its intention to sell the companies at a meeting of the institution’s Advisory Board held in Maputo yesterday.

“The sale or liquidation of 70 of the 113 companies in which the state has an interest is underway, since only 47 are sustainable or show any improvement in their performance,” said the president of IGEPE, Apolinario Panguene.

The head of the IGEPE said that several companies owned by the Mozambican state have now begun to grow, and are expected to pay dividends in the coming years.

“With the recovery of profitability, companies that were exhibiting unsatisfactory performance are beginning to be able to honour their commitments and pay dividends to the state,” Panguene said.

The president of IGEPE pointed to the fall of product prices in the international market as one of the factors that had contributed to some state-owned companies not having registered profits in recent years.

He said that to promote transparency in the management of state companies, the IGEPE is preparing a structured monitoring model, which will allow timely access to the financial data of companies.

In turn, Minister of Economy and Finance Adriano Maleiane, who supervises the public business sector, urged state companies to be a model of management and transparency and fulfil their role in the development of the Mozambican economy.

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Source: Lusa

Photo: File / IGEPE headquarters in Maputo

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