Africa Angola FDI Industry Manufacturing Privatisation

Angola equity agency analyses 10 applications for textile factories

The State Management and Participation Institute (IGAPE) received from March to 07August ten applications from national and foreign companies, interested in the purchase of three textile units in privatisation (Satec, África Textil and Textang II).

The sale of these three factories in the textile sector is part of the Privatisation Programme (Propriv) 2018-2022.

The process will ensure the competitiveness of a sector that in 2019 spent US$170M on new clothes and US$65M on imported used clothes.

The industrial units were rehabilitated with public funds in an investment worth US$1.2B.

This will allow the country to reduce imports and save at least US$235M.

Also read: Angola Central Bank wants responsible credit in economy

Of the applications submitted, nine are national companies which presented themselves with foreign partners and a foreign entity, according to data obtained from the IGAPE Board of Directors Support Department.

The source added that the participants have already been notified of the presentation of a technical and financial proposal, which may be presented in the coming weeks.

IGAPE’s technical team is now analysing the capacity of competitors for the public tender for privatisation, in the form of assigning the right to explore and manage textile units.

Angolan Executive, through the Ministry of Energy and Water, is installing energy from the public network for the textile units under privatisation, with a view to reducing operating costs.

Source: Angop

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