Portugal’s Iduna and Isabel dos Santos invest US$2.5 million in first Angolan furniture factory

27 February 2006

Lisbon, Portugal, 27 Feb – Portuguese furniture company Iduna and Isabel dos Santos, businesswoman and daughter of Angola’s president, plan to invest US$2.5 million on the first furniture factory in Angola, Portuguese daily Jornal de Negócios reported Friday.

The president of Iduna, Alberto Carvalho Araújo, told the financial paper that the Portuguese company would have a 45 percent stake in the factory, Isabel dos Santos would have the same amount and the remaining 10 percent would be in the hands of the future director-general and financial director of the new company.

Construction of the new unit, in Luanda, would begin in March, Araujo said, in order for it to start operating in the Summer, with a production area of 3,000 square meters.

In the first year, Araújo said, the company’s turnover is projected to be US$4 million, rising to US$6 million in the second year and US$7.5 million in the third.

The new company expects to distribute dividends as of 2009, and breakeven should be reached at the end of the first year, Araújo said.

The company’s Angolan customers include, Banco Internacional de Crédito, owned by Portuguese businessman Américo Amorim and Isabel dos Santos, and Banco de Fomento de Angola, for which it will supply new counters. (macauhub)