Almost all Mozambican state companies run at a loss

9 April 2010

Maputo, Mozambique, 9 April– Only 10 of Mozambique’s 130 state companies run at a profit with the remainder running at a loss, the outgoing chairman of state stake-holding company IGEPE, Daniel Gabriel said Thursday in Maputo.

After the investiture ceremony for Hipólito Halema as the new chairman of IGEPE, Gabriel said that “the big task of the new team is to increase the number of state companies running at a profit and distributing dividends.”

In his turn, the new chairman of IGEPE pointed to the restructuring of State companies and training of their managers as the new board’s focus, to allow the state to get more revenues from its companies.

The Mozambican government sold off thousands of companies that had become state-owned following the country’s independence in 1975, as part of the nationalisation policy outlined at the time, but maintains ownership of 130 companies, especially those that operate in sectors considered to be strategic. (macauhub)