In early December, the Mozambique government completed the privatisation of Vidreira, the only factory in the country producing bottles and glassware. About 55% of the company is now owned by the Port…
In early December, the Mozambique government completed the privatisation of Vidreira, the only factory in the country producing bottles and glassware. About 55% of the company is now owned by the Portuguese firm Barbosa e Almeida, while the remaining 45% remains in the hands of the state. In the privatisation, Vidreira has been split into two companies, Vidreira de Mocambique and Cristalaria (Crystalware) de Mocambique. The former is the larger company with initial capital of US$ 5.5 million (US$ 3 million from Barbosa e Almeida and US$ 2.5 million from the Mozambique state). The second company“s initial capital is US$ 867,000, US$ 400,000 from the government and US$ 467,000 from Barbosa e Almeida. According to the head of the Vidreira privatization commission, Mariano Carimo, the debts amassed by Vidreira under state ownership will be paid off by the sale of the factory installations valued at US$ 2.5 million to the new companies. Within three months, the two companies are to pay the state US$ 3 million, which will be used in the first instance to pay off Vidreira“s debts.