ASSIM 'E VISTO O NOSSO PRESIDENTE

Guebuza family has finger in every pie

After he became President at the beginning of 2005 Armando Guebuza, did not stop developing his portfolio of investments. Better still, he and his family have since then expanded their business network via various companies in which they own stakes. The firm Moçambique Gestores (MG), of which the President is one of the shareholders, is present in the Maputo Port Development Company (MPDC) which runs the capital’s port. 

Meanwhile Guebuza’s family company Focus 21 owns a stake in the navigation company Navique, is a partner in the South African energy company Sasol and is involved in the bank BMI. Furthermore, the President is also a shareholder in the mobile telephone company Vodacom via his stake in Intelec Holdings. He can also be found in Moçambique Capitais, a firm which has just launched the Moza Banco in partnership with Geocapital owned by the Macao magnate Stanley Ho.

Guebuza’s new partners. Intelec Holdings, the company chaired by the head of theConfederaçao das Associaçoes Economicas (CTA, employers’ association), Salimo Amad Abdula, is to go into exploring for chalk and other ore with the aim of opening a cement works. To this end, it is participating in the creation at the beginning of May in Elephant Cement Moçambique Lda (ECM) with a 15% stake. The leading shareholder in ECM, with 85%, is Shree Cement Ltd, an Indian cement manufacturer represented in this transaction by its financial director, Ashok Bhandari. Intelec Holdings has at the same time launched into another project. Represented by its general manager Tomas Arone Monjane, it has founded a consulting and expertise company called Intelec Business Advisory & Consulting Lda (Intelec B.A.C) jointly with a Mozambican resident in Cape Town (South Africa), Tania Romana Matsinhe (the company’s CEO, with a 35% stake), Catarina Mario Dimande from Maputo (12.5%) and Armando Ndambi Guebuza (12.5%). The latter is none other than one of President Geubuza’s sons who has studied in South Africa. Intelec BAC will carry out market studies and reports on the business environment for its clients.

All the family is involved. Ndambi Guebuza is already a shareholder, as are his brother, his two sisters and his parents, in the family firm Focus 21. His sister Valentina Guebuza owns a small minority (2.5%) in Beira Grain Terminal SA, a company created at the beginning of 2007 to operate the cereals terminal at the port of Beira (ION 1209), while the Mozambican President’s eldest daughter, Norah Armando Guebuza, has joined forces with Zimbabweans and Mozambicans to launch the firm MBT Construçoes Lda, specialised in construction and public works, at the beginning of the year. She is married to the Mozambican Tendai Mavhunga, who for his part is in partnership with Miguel Nhaca Guebuza, one of the Mozambican President’s brothers, in a construction industry consulting company Englob-Consultores Lda (ION 1200). 

This is the same Miguel Guebuza who has just been appointed to the board of the new firmMozambique Power Industries, which will manufacture and market electricity transformers. This company’s shareholders are Wilhelm François Jacobs, Munir Abdul Sacoor, Marilia Americo Munguambe and Christoffel Cornelius Koch. For her part, Ana Maria Dai, the twin sister of Mozambican First Lady Maria da Luz Dai Guebuza, is a shareholder in Macequece Lda alongside another member of her family, José Eduardo Dai. Her brother, Tobias Dai, is a former Defence Minister. Last year, Macequece created the mining company Mozambique Natural Resources Corp in partnership with International Minerva Resources BV.

Discreet withdrawal. Nevertheless, President Guebuza has just sold his stakes in two companies. In mid-April he withdrew from Mavimbi Lda (fishing) whose ownership is now split betweenMoises Rafael Massinga (38%) and a consortium whose members have not been revealed. Similarly, Mozambique Gestores and the former Minister Teodato Hunguana have sold their stakes in Sociedade de Aguas de Moçambique Lda to Joao Manuel Prezado Francisco andTotem Investments whose shareholders are not known since this company was created before the law obliging their disclosure. The time has come for Guebuza to become more discreet in business!

INDIAN OCEAN NEWSLETTER - 31.05.2008