Sale of Angola’s Lactiangol aimed at avoiding bankruptcy

14 January 2019

The sale of Lactiangol to the Webcor group for US$12 million was aimed at safeguarding the investment already made and jobs, as the company was in a situation of insolvency, said the former chairman.

“If the company were not sold we would run the risk of losing the equipment and all the investment made so far,” said José César Macedo, noting that Lactiangol was “at a dead end” and something had to be done to prevent workers from losing their jobs.

The former chairman told the Jornal Mercado newspaper that from September 2017 to May 2018, the company did not have access to foreign currency to import raw materials, which was exclusively reserved for the trade sector.

The lack of raw materials meant the company came to a standstill, creating a situation of insolvency, at a time when it had just made large investments in the modernisation of the production lines and needed to work hard to pay off the debt incurred.

Established in March 1994, Lactiangol, with 290 employees, over the years has become Angola’s main dairy manufacturing unit, producing a range of products notably UHT milk, school milk, chocolate milk, natural and flavoured yoghurt, liquid yoghurt, pasteurized butter, juices and ice creams. (macauhub)