Angola Economy Privatization

Angola nets US$16M from the sale of five industrial units

The Angolan state raised a total of 5.4 billion kwanzas (US$16 million) by selling five industrial units in the Luanda/Bengo Special Economic Zone, according to official information released on Monday in Luanda.

The amount of the sale disclosed by the State Asset Management Institute (IGAPE) means that the sale was US$64 million below the originally planned US$80 million.

The industrial units, four of which had been out of business for 10 years, were sold as part of the state asset privatisation process, which at one point invested US$30 million in those units.

The companies sold are Carton, Indugidet, Juntex, Univitro and Coberlen, and IGAPE handed the keys over to the new owners on Monday, after signing the purchase agreements.

The ceremony was led by IGAPE chairman Valter Barros and witnessed by the chairman of the Special Economic Zone, Henriques da Silva, representatives of Angolan oil company Sonangol and investors.

Carton, a box packaging unit, was acquired by Angolissar, Indugidet, a hygiene and detergent factory, was bought by Azoria, and JUNX, a mortar manufacturer, was sold to Ecoindustry.

Univitro, the only one in operation out of the five units, was sold to Zeepack, which also bought Coberlen, the blanket production unit.

For the second phase of this privatisation process, the sale of another 25 industrial units at the Luanda/Bengo Special Economic Zone is planned, out of a total of 52 units installed in the area.

The Luanda/Bengo ZEE offers tax benefits and competitive advantages, a state-owned property with 21 reserves, seven of which are industrial, six agricultural and eight for mining.

Source: Macauhub

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