Africa-Press – Angola. The Institute for Management of State Assets and Shareholdings (IGAPE) officially handed over the “Comandante Bula” textile factory, formerly SATEC, to the Angolan Sovereign Fund (FSDEA) on Monday (02) in the city of Dondo, Province of Cuanza-Norte.
According to a press release, the ceremony was marked by the signing of the Handover Agreement, which formalizes the transfer of the industrial unit to the management of the Angolan Sovereign Fund.
The ceremony was witnessed by the Cuanza-Norte provincial governor, João Gaspar; the chairman of the FSDEA Board of Directors, Armando Manuel; and the director of the IGAPE Board of Directors, Manuel Freire; among other individuals.
The handover of SATEC to the Angolan Sovereign Fund happens almost two months after IGAPE terminated, last July, the management contract for the Comandante Bula textile factory with the company Boabab Cotton, based in Zimbabwe.
The contract, part of the Privatization Program (PROPRIV), stipulated that Boabab Cotton would pay the Angolan state a fixed annual amount of 311 million kwanzas (USD 337.311) over a 15-year period, with variable payments of 5% of annual revenue.
It also stipulated that the Zimbabwean company could exercise the purchase option after 10 years and until the end of the contract, with the purchase price estimated at over 100 billion kwanzas (USD 108.460.000), discounting amounts paid up to the time of the purchase option exercise.
According to IGAPE, the termination of the contract granting the right to operate and manage the manufacturing unit is intended to safeguard the public interest and the continuity of industrial activity.
Reopened in March 2021, the former Angolan Printed Fabrics Company (Satec), SARL (Limited Liability Public Limited Company), was designed to produce 180,000 sweaters, 150,000 shirts and 480,000 meters of fabric per month, on two production lines.
Construction of this factory began on Sept 7, 1964, and was completed in April 1968 (colonial times).
At the time, the factory was built on a 20,822-square-meter site, with a workforce capacity of approximately 1,200 workers. They produced printed fabrics, blankets, tablecloths, diapers, and, most recently, dyed twill, better known as khaki clothing for the army.
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