The State Equity Management Institute (IGEPE), which manages the Mozambican state’s business interests, has put the State Medicines Import and Distribution Company (Medimoc) up for sale.

A public tender announcement released this Friday (Aug 2) states that Igepe intends to sell Medimoc to a national or foreign entity, technically and financially capable of continuing the company’s business.

IGEPE is looking for competitors who are already involved in a similar business and have proven technical and financial skills. The statement does not mention the sale price of the company.

Medimoc is a public limited company with a share capital of 59 million meticais (EUR 867,000) and with facilities in Maputo, Beira, and Nampula. The Mozambican state owns 65 per cent of the company and Midigest, which represents managers, technicians and workers, the remaining 35 per cent.

IGEPE says that the sale of Medimoc fits in with its restructuring plan for the state’s business sector, aiming at the financial recovery of state companies, many of which are stagnant. Lusa