Maputo, 17 May (AIM) – The shareholders of Mozambique’s publicly owned telecommunications company, Tmcel, appointed on Tuesday a new management committee, at a moment when the company faces an unsustainable debt of about 400 million dollars, according to the government.
The new committee consists of Mahomed Adamo Mussá, chairperson and responsible for the Commercial and Systems sector; Nordino José Wazo, manager for Operations; and Cezerillo Horácio Eugénio Matuce, manager for Administration and Finance.
“Consequently, the members of the Board of Directors, Mahomed Rafique Jusob Mahomed, Mário Luís Albino and Binda Jocker, who have been in office for six years at the company, have ceased their duties”, says a statement issued by the company.
These decisions will be accompanied by other measures, including the reduction of the 1,700 employees by 60%, the sale of a minimum of 80% of the shares, and the government taking over all the company’s debts and loans.
However, the employees have been questioning the government about the criteria to be used in the reduction of the work force. The workers dispute the pessimistic view of Tmcel given by Transport Minister Mateus Magala last week, and do not believe that drastic reductions in the work force will solve the company’s problems.
At the same meeting, the Tmcel shareholders approved a plan to revitalise the company, another to reduce costs and a cost center profitability study.
The change in the management structure of Tmcel, as well as the approval of revitalization and profitability plans is part of the restructuring of the technically bankrupt company, announced by Magala.
According to the Minister, the company in recent times has been losing market share, its revenue is in progressive decline and it operates in a highly competitive environment, with a steadily deteriorating reputation and customer perception of the brand.
(AIM)
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