Bank of Mozambique and Financial Sector Deepening promote financial services
FM / Rafique Jusob
The merger between TDM (Telecomunicações de Moçambique) and Mcel (Moçambique Celular) is expected to be completed by December 2018.
By then, the necessary conditions for the convergence of both institutions in the areas of human resources, infrastructure, commercial system and sales, and technological and computer systems., will have been created.
The forecast was made by Rafique Jusob, Chairman of the Board of Directors of Mcel and TDM, on the margins of the 2nd Extended Board of Directors meeting, which brought together TDM provincial managers in Maputo from November 30 to December 1 to take stock of the 2017 business plan and assess its execution up to September of this year. Several Mcel board members attended the meeting as guests.
At the moment, TDM and Mcel, according to Rafique Jusob, must continue to work towards the merger, despite facing many challenges in the commercial, technological and human aspects.
“The challenges are related to financial issues, changing the mentality and organisational culture of the two companies, and the small amount of time available for a merger (18 months) which would normally take up to three years or more,” he said, stressing the need to develop a modern, proactive corporate culture in tune with the needs of the market.
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In his opinion, the 2nd Extended Board of Directors meeting had to define the next steps in the commercial and technological expansion of the network, as well as “specialised training and reorientation of installed capacity and human reorientation that this company will have in the future”.
Significant steps were reported to have been taken towards human, fiscal, legal and technological convergence.
“The merger can only take place when all the necessary conditions have been created for this purpose,” he said, adding that “we have a team working on these four essential pillars and now we move on to Phase Two, relating to audits of accounts and the financial reorganisation of the two companies, including the revaluation of their assets, and then the transfer of assets and liabilities to the company being created”.
The aim is to maintain the autonomy of the two companies until their merger.
By the end of first quarter of next year, and executive committee will be in place, which will be tasked with continuing the implementation of the merger schedule, scheduled for completion in December 2018.
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