Mozambique: Valuation of Post Office properties completed – Noticias report

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Mozambique: Valuation of Post Office properties completed – Noticias report

2:24 CAT | 05 May 2022

File photo: CIP

The Liquidation Commission of Correios de Moçambique (postal services) announced yesterday that it had completed the valuation of the company’s real estate properties, with the exception of some located in the extreme north of Cabo Delgado province, affected by terrorist actions, Notícias reports.

At a press conference intended to address the status of the government-decreed dissolution of the company, the president of the Liquidation Commission, Raimundo Matule, announced that the evaluation covered 127 properties spread across the country, and valued at 1.1 billion meticais.

He noted that there are several methods of property valuation, and that, in setting the value at 1.1 billion meticais, the consultant had used one whose objective is to determine the price to be fixed for the purposes of the company’s balance sheet.

Another method used is the market method, by which the value calculated would be almost double the previous one, that is, just over two billion meticais.

Raimundo Matule explained that the market value is not suitable, since it can only be determined at the moment the buyer agrees to pay the price set by the seller and, in this case, it is dependent on the tender for the sale of the properties.

In his explanation, Matule also made it known that some of the properties could be destined for public institutions, while others were destined for sale.

In particular, he said, the company owed around 853.9 million meticais: 20 million meticais to workers; 193 million to a special creditor; 69 million to social security, and 88.5 million meticais in value added and corporate income tax.

Correios de Moçambique also owes 21 million meticais to banks; 3.45 million to ordinary creditors in the country; 4.4 million to creditors abroad and 14.4 million meticais to international airlines, among others.

Raimundo Matule considers that Correios is owed more than 274 million meticais, of which 202 million meticais is related to the leasing of spaces and renting of properties.

The president of the Liquidation Commission also spoke of fixing the pensions of the company’s more than 560 employees, quoting the government’s decision that all those who have more than 15 years of service will have their pensions fixed. So far, the process has covered about 57 to 60 percent of workers.

He also guaranteed that, as the decision to liquidate the company was the state’s, all workers would be entitled to compensation.

Source: Notícias