Government of Mozambique sells 150 shareholdings in last 8 years

4 December 2009

Maputo, Mozambique, 4 Dec– Over the last eight years the Mozambican state has sold off shareholdings in 150 companies, the chairman of state stake-holding company IGEPE, Daniel Gabriel said in Maputo.

Gabriel also said that in 2001, the Mozambican state had shareholdings in 279 companies.

During a meeting to present good governance practices at companies in which the state still has stakes, Gabriel noted that some of them were not feasible with their current model of management, “as they ignore good practices and do not even present their Annual Reports and Accounts.”

According to the Igepe chairman just eight of the 129 companies in which the state owns a stake make a profit.

The IGPE has announced it plans to liquidate 10 companies and sell State shareholdings in a further 10 companies that are not considered strategic. (macauhub)