The National Social Security Institute (INSS) has expressed interest in joining the shareholding structure of Mozambique Airlines (LAM), the national flag carrier, which is currently mired in a financial crisis.
The information was disclosed by government spokesperson Inocêncio Impissa during the regular weekly press briefing held on July 4 in Maputo.
Impissa, who is also the Minister of State Administration and Public Service, said the government sees the potential entry of the INSS as a possibility, although several aspects still need to be clarified.
“This possibility needs to be further studied because, as you know, while the three companies currently making up LAM’s shareholding structure are public enterprises with public capital, the INSS is not. INSS holds private and individual capital — specifically, from workers,” he said, as quoted by AIM.
He further explained that the model for the INSS to join — or not — could differ:
“But the door is open for ongoing discussion and negotiation. As far as we know, it is not yet confirmed whether or not INSS will join, but it remains a possibility,” he added.
It is confirmed that three national companies — Hidroeléctrica de Cahora Bassa (HCB), Mozambique Railways (CFM), and Mozambican Insurance Company (EMOSE) — will hold 91% of LAM’s shares, valued at an estimated USD 130 million.
With this investment, the government aims to acquire eight aircraft and rescue LAM from the financial crisis it has faced for several years, largely due to mismanagement and corruption that have plagued the company.
Source: MZ News
