Angolan company Brigada de Construção Militar to be sold directly or through limited tender

10 February 2014

Angolan company Brigada de Construção Militar (Bricomil) is due to be sold directly or through a limited rather than a public tender, Angolan newspaper Expansão reported.

Citing a source close to the process, the newspaper said that employees would keep 13 percent of the company’s shares and that 75 percent would be sold to a private company with the capital, knowledge and technology needed to run the Bricomil and that the remaining 12 percent would be set aside for other investors.

Following approval of the sale by the Ministries for the economy and Construction in January the Economy Ministry is now in charge of selling off the company in line with current legislation.

Set up in 1994, Bricomil’s shareholders are Sonangol(12.5 percent), the Angolan State (50 percent), Banco Poupança e Crédito (12.5 percent), Banco de Comércio e Indústria (12.5 percent) and insurance company Empresa Nacional de Seguros de Angola (12.5 percent), and operates in the construction sector.

The company’s assets are mainly made up of property.

In 2012 the Economy Ministry published a list of 27 companies that would be privatised by 2018.

As well as Bricomil the list includes companies such as Panga Panga (chipboard manufacturer), Bolama and Ematol (dough and biscuit manufacturer), Congeral (soap factory), Refrino (soft drinks) and Textang I (weaving), as well as Encel (electricity equipment) and Tecnotúnel (tunnel construction and drilling). (macauhub)