Mozambique government announces pull out from small and medium sized companies

10 July 2007

Maputo, Mozambique, 10 July – Mozambican shareholding management company, Igepe, said Monday in Maputo it was to pull out of all small and medium sized company shareholdings, in order to focus on “strategically important” companies such as banks, insurance companies and telecommunications firms.

Igepe’s decision was announced by its chairman, Daniel Tembe, on the fifth anniversary of the founding of the public body.

According to Tembe, “reducing the state’s involvement in the business sector in Mozambique is part of a vast restructuring program underway in the country’s business sector.”

As part of this reform, the number of firms in which the Mozambican state has shareholdings has fallen significantly, from 279 in 2001, to 152 currently.

Sales to managers, technicians and workers and to the private sector will continue to be the two main ways of divesting shareholdings, Igepe’s chairman said. (macauhub)