Mozambique: State holding company Igepe posts profit in 2007

28 October 2008

Maputo, Mozambique, 28 Oct – Mozambican state holding company, Instituto de Gestão de Participações do Estado (Igepe) posted a profit of 21 million meticais (US$908,000) in 2007, a rise of 17 percent against 2006, according to the company’s annual report and accounts published in Maputo.

In its report, the board of directors of Igepe said that, as part of the process of cleaning up its portfolio, the stakes the State had in ten companies were sold off “and in line with one of its objectives, the search for economic and financial sustainability, Igepe acquired four new stakes.”

At 31 December 2007 the State’s portfolio included 146 companies, of which 46 were in full operation, 60 in partial operation and the remainder were either not in operation or undergoing liquidation.

Generally-speaking the Mozambican state takes stakes in companies in the light industry and food sectors, the mining sector, tourism and hotels, general retail and transport sectors, amongst others. (macauhub)