Managers, technical personnel and workers of Telecomunicações de Moçambique acquire 10% of the company’s capital

13 March 2014

The managers, technical personnel and workers of the state-owned Telecomunicações de Moçambique (TdM) acquired on Friday a 10 percent stake in the company’s share capital, the State Holdings Management Institute (Igepe) has announced.

Under terms of the decree converting TdM from a public company to a limited liability company, the Mozambican state reserved up to 20 percent of its share capital for sale to its managers, technical personnel and workers, individually or collectively, per applicable legislation.

Igepe also indicated that in the scope of the ongoing reorganisation, transformation and resizing of the state business sector, including privatisation and remunerated sale of companies, establishments, installations and shareholdings owned by the state, a group of workers was formed to acquire that stake in TdM’s share capital.

The ceremony to formalise the transfer of 10 percent of TdM’s share capital to the managers, technical personnel and workers will be attended by the prime minister of Mozambique. (macauhub)