State-owned companies in Mozambique face financial crisis - Government
Photo: O País
The Manhiça industrial slaughterhouse in Maputo province, currently operating at 20% capacity, needs at least US$6 million to get out of the financial quagmire it finds itself in.
Mired in debt, the giant Manhiça abattoir and meat processing company is mobilising at least US$6 million in funding for its rise from the ashes. But the company will first have to pay off debts amounting to more than 14 million meticais to commercial banks.
In an STV exclusive, MATAMA administrator Boavida Mutombene said that the matter, and other parallel moves, was well under way. The decision, he said, would safeguard the interests of the firm, which was suspended from the Mozambique Stock Exchange following financial problems.
The Manhiça industrial slaughterhouse was inaugurated in 2016 by Mozambique’s President Filipe Nyusi. After a promising start, the company entered a rapid slide including spiralling bank debt and court-sanctioned asset seizures.
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