[2020-02-26] Angolan company invests in the construction of a wheat mill

Source: Macauhub

Induve – Indústrias Angolanas since last year has invested US$20 million in the construction of a unit for milling wheat, said the company’s chief financial officer.

Kidy Aragão told the Angop news agency that the mill will start to process 700 tonnes of wheat per day in 2021, with an annual average of 255,500 tonnes, “with the aim of helping the sector bring an end to the existing deficit in the market.”

For this project, the company, which opened in 1957 and was focused on production of vegetable oil, animal feed and corn flour, has financing of 50%, still to be completed, from Banco BIC, under the Credit Support Programme (PAC), and the remaining half will be its own funds.

The raw material to produce wheat flour will continue to be from the external market, due to the inability of the domestic market to meet the needs of the company.

When it was inaugurated in 1957, Induve had in its production line for two products: sunflower oil and bars of soap.

With the process of resizing of the state sector, the company was privatised in 2003 and included yellow maize flour and animal feed in its production, the raw materials for which also had to be imported.

Aragão said that in 2019 the company had recorded a 20% drop in maize flour and animal feed production, by processing just 60,000 tonnes, due to a lack of available foreign currency to import the raw materials.