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Angola : Angolan government invests US$116 million in Nova Cimangola cement plant

June 7, 2014

The Nova Cimangola cement plan will get 11.3 billion kwanzas (US$116 million) from the Angolan government to boost the cement plant s production capacity, as per to a presidential decree.

As per to the decree the funds will be transferred by the Finance Ministry and will give Nova Cimangola greater financial capacity thus ensuring a greater supply to the Angolan market, and thus decrease prices.

The presidential decree mentioned the importance of cement in the process of repairing and building manufacturing and social infrastructure in Angola, as well as for execution of house building programmes.

The shareholders of Nova Cimangola, which was estbalished in 1957, after Portuguese group Cimpor divested its stake in the company, are now Ciminvest (49 percent), the Angolan state (40 percent) and state bank Banco Angolano de Investimentos (10 percent), and the remaining 1 percent is in the hands of individual shareholders.

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Source: TendersInfo (India)

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