Process of selling shares of Mozambique’s Riopele textile producer nearly complete

28 August 2012

The process of selling to a private investor shares of the bankrupt Riopele textile factory in the Marracuene district of the Mozambican capital is being concluded, the head of the state stakeholding company Instituto de Gestão das Participações do Estado (IGEPE) said on Monday in Maputo.

On the sidelines of the 16th IGEPE Advisory Council meeting, Apolinário Panguene said that only a few bureaucratic aspects still had to be worked out to close the negotiations with a Portuguese group that wants to assure the continuity of textile activity in Mozambique.

“Riopele is a company that has been halted for a long time and during that time doubts have accumulated, so it is necessary to financially repair the company before the definitive purchase and sale agreement can be signed,” Panguene explained.

The IGEPE chairman also used the occasion to state that the processes of selling the state’s participation in six other companies (Graphic, Cegraf, Pintex Maputo, Fábrica de Tintas da Beira, Tipografia Clássica Comercial da Beira and Lusalite) were also nearing completion. (macauhub)