Angolan cement company Nova Cimangola has invested over US$5 million to increase annual production capacity and improve the company’s sales network, according to the Angolan government’s performance memorandum for the first quarter of 2013.
Cited by weekly newspaper Expansão, the memorandums aid that Angola’s biggest cement company had increased its annual production capacity from 1.2 million to 1.6 million tons.
The investment was included in a contract signed at the end of 2012 by Nova Cimangola and ANIP, and at the time the company’s managing director, Manuel Pacavira Júnior, said that boosting production was intended to add to the cement available on the market and thus reduce its price.
Nova Cimangola is a public-private company in which the Angolan state has a 40.2 percent stake, Ciminvest owns 49 percent and state bank Banco Africano de Investimentos has 9.52 percent, and the remaining 1.28 percent is owned by individual Angolan shareholders. (macauhub)