Angola to Lease China International Fund Industrial Units

 

The Angolan executive will keep, for ten years, the ownership of the industrial units of China International Fund (CIF), which it intends to lease through a limited tender for production and management, with purchase option.

According to a statement from the Ministry of Finance, the information was transmitted by officials of the Institute of State Asset Management and Shareholdings (IGAPE) during an audition with potential investors in the privatization of these assets, which include the cement, beer, automotive assembly factories and the Logistics Centre.

According to the administrator of IGAPE, Augusto Kalikemala, the State retains the ownership of the property for a period of ten years, and the investor is responsible for the management and operation of the asset, expressing the intention to buy after 3 months.

China International Fund continues to unravel in Angola

Kalikemala indicated that the technical, financial and operational capacity of the candidates for the management of the assets will be assessed, taking into account their liquidity and solvency to invest in the companies and make them profitable.

IGAPE plans to privatize 31 assets over the course of the current year, mainly in banking, insurance and telecommunications, in addition to 39 hotels.

In 2023, the State earned about 48 billion kwanzas (about 53 million euros) with the sale of a set of 11 assets of Sonangol and the Luanda/Bengo Special Economic Zone.

Chinese-built Infrastructure in Angola is “Source of Pride for the Country”

In October 2020, the Public Prosecutor’s Office of the Republic of Angola (PGR) announced the seizure of various assets to the National Asset Recovery Service, including CIF Lowenda Beers, CIF Logística, CIF Cement and SGS CIF Automóveis.

The representatives of CIF also made the transfer of ownership to the patrimonial sphere of the assets that had already been seized on 11 and 17 February, namely 24 housing buildings and other equipment of the centrality of Zango 0 , the Centrality of the Kilamba KK5800, with 271 buildings, and 837 housing in different levels of construction, and the buildings CIF Luanda One and CIF Luanda Two.

 

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