Mozambique’s Tmcel needs US$200 million

6 January 2020

Mozambican telecoms company Tmcel needs US$200 million to invest in several projects in its portfolio, said the president of state asset management institute IGEPE, Ana Coanai.

The President of IGEPE did not give details of the projects that the company intends to develop, but told daily newspaper Notícias that the funding would be sufficient for the needs of the company.

Tmcel was the result of a merger of former telecommunications company TDM and Moçambique Celular (Mcel), and Coanai said that one of IGEPE’s challenges for 2019 was to complete this process, “which was achieved.”

In 2019 the company’s operational activity focused on improving the network, mainly in the southern region of Mozambique.

The president of IGEPE also said that the company’s financing needs will be met using bank credit, as the stock market is out of the question, as Tmcel’s shares are not listed.

The Mozambican State has in its portfolio, through IGEPE, 12 public enterprises, of which only ports and railway company CFM and oil and gas company ENH are profitable.

IGEPE is also involved in the management of 43 companies, and in 20 of them the State has a controlling stake. (macauhub)