Institute for the Management of State Holdings (IGEPE) has, as of this Wednesday (5), become responsible for the mobile phone company, Mozambique Telecom (Tmcel), pending the arrival of a management committee to look after its restructuring, revealed the Minister of Transport and Communications, Mateus Magala.
“We will bring in a management commission very soon, by next month at the latest, but in the meantime IGEPE will be managing the day-to-day running of the company,” the ruler said.
The commission, according to the source, will have the mission to reverse the negative results of the mobile phone company that is majority state-owned, noting that the new management model will soon be defined.
Tmcel is currently in a critical situation, with late payment of salaries and debt of over US$300 million (over 18.9 billion meticais).
Last year, a report published by the Centre for Public Integrity (CIP) said that Tmcel ended 2021 technically bankrupt, representing a “very high fiscal risk.
According to that study, the financial performance presented by the company showed that it had an “extremely high probability of defaulting on its financial obligations, stressing that the survival of the company depended to a large extent on injections of financial resources by or through the State.”
Tmcel is a public limited company resulting from the merger between Telecomunicações de Moçambique S.A. (TDM) and Moçambique Celular S.A. (Mcel). Its main objective is to provide telecommunications services throughout the national territory.
