Angola extinguishes insolvent public companies

Oil tankers pass along the road towards the capital Luanda, Angola

The government of Angola will extinguish 16 more companies in the industrial sector that are at a standstill and insolvent, according to a joint order of the Ministers of the Economy, Abraão Gourgel, and Industry, Bernarda da Silva.
The measure is justified by the fact that these companies are “loss-making, are not operating or are at a standstill” and do not have the financial capacity to pay off their debts to employees, suppliers and creditors.
The list of companies to be extinguished within two years includes Osuka, Epygel, Limoca, Moiben, Osema, Vulcap, Epan, Ulysses, Recor, Macanda, Cofriang, Açunor, Unicerâmica, CODUME, ECL and Emabol, all considered “non-strategic.”
In November 2015, nine public companies in the agriculture, mining, fisheries and industrial sector were extinguished under a set of presidential decrees published in the official gazette.
The companies that were closed were Empresa Regional de Abastecimento ao Sector Cafeícola (Procafé), Ermanal (Luanda), Empromar Kuroka, Empromar Kapiandalo, Fropesca, Farinol, Empresa Transformadora de Madeira (ETM), Alfaias Agrícolas (Alfag) and Empresa Mineira de Fosfatos do Zaire e da Mina Quartzo (Fosfang), all previously classified as “state economic units.” MDT/Macauhub