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State seeking to make textile units more profitable

Wed, 21 Oct 2020 11:09 - Updated Wed, 21 Oct 2020 11:14

State pledges to make Assets more profitable Photo: Pedro Parente

Luanda -Angolan government has announced its intention to make the textile units of Textang II, Commander Bula and África Têxtil more profitable.

This was announced Tuesday by the State Secretary for Finance and Treasury, Osvaldo João, who said that the right awarded to explore and manage these three textile units resulted from a public tender.

Speaking to National Radio station, the coordinator of the technical group for the privatisation programme, said  it is a public tender aimed to identify entities with technical and financial capacity to revive the factories in the short term. 

Among the priorities, he pointed to making the companies profitable, recover the investment and prepare them for the possible privatisation process in a more competitive market environment. 

“Instead of launching the pure and hard sale of the asset, we opted to award in the conception for management model. This allows, exactly, to combine the need to boost the economy”, stressed Osvaldo João. 

The official is of the view that this strategy will allow the revival of the assets, without detracting from the fact that the larger amount will go to the State later.

As for small assets, he added that the losses are not very relevant, as long as the focus goes on cash payment and the economic activity of these assets. 

As an example, the official mentioned the assets of the Luanda / Bengo Special Economic Zone (EEZ), where the factories, that remained dormant for ten years, have started generating revenue for the economy.