Mozambique: State to reduce its company stakeholdings

22 August 2008

Maputo, Mozambique, 22 Aug – The Mozambican state is reducing its shareholdings in companies in order to concentrate its activities on those that operate in sectors that are considered to be strategic, according to Mozambican newspaper Notícias.

The paper cited Daniel Gabriel, president of the State Shareholding Management Institute (Igepe), as saying that companies that operate in areas that are considered to be strategic are, for example, Telecomunicações de Moçambique (TDM) and Petróleos de Moçambique (Petromoc).

Igepe’s current company portfolio includes 146 companies, of a total of 279 in which the state has a share. Under the terms of a strategic plan for the 2008/2010 period, this number is expected to fall to less than 40 companies.

The paper added that the companies currently part-owned by the state, 56 have stake-holdings that are reserved for managers, technicians and workers, 39 will be sold off or restructured, whilst 33 will be liquidated.

Gabriel said that with this measure Igepe aimed to increase the value and return on investment of the State in the business sector, as many companies currently owned by the state were inherited by the institution.

Gabriel also said Igepe planned to identify new strategic investments

“We have 146 companies. We are going to sell and liquidate some. We will sell off the 20 percent reserved for managers, technicians and workerts and if these stakes are not sold to this segment (…) as has happened in some cases, these shares will be free to be sold off to anyone who wants to buy them. In some sectors there may or not be new startegic partners,” said Gabriel. (macauhub)