The information was released this Wednesday by officials of the Institute for the Management of State Assets and Participations (IGAPE) during a consultation session within the scope of the public tender that will be launched on 15 July.
The competition will serve to choose a new operator that will manage the network of super and hypermarkets, previously owned by the Cochan group of generals Hélder Vieira Dias "Kopelipa" and Leopoldino Fragoso do Nascimento "Dino", which was handed over to the National Asset Recovery Service (Senra).
According to Domingos Francisco, current chairman of the Board of Directors of Zahara Comércio - the group that owns Kero, whose main shareholder is the Angolan state (90 percent), while the remaining 10 percent belongs to Cochan - the transfer of exploration rights covers the entire network of 12 stores, eight of which in Luanda, and provides for the preservation of jobs (1711).
In addition to Carrefour and Shoprite, the Angolan chain Score, owner of Deskontão, "recently made an approach and showed interest" in the hypermarket chain, he said, noting that the executive is looking for a group "with financial muscle and management capacity", it must operate under its own insignia.
The Zahara group has accumulated high losses since 2018 and ended 2020 with a net result of 46.096 million kwanzas, according to a table relating to the financial situation presented in this Wednesday's session.
However, the hypermarket network will be handed over to the new operator free of any encumbrances. "The debt will remain with Zahara Comércio, who will be responsible for paying it," stated Domingos Francisco.
Asked if the State would assume the value of the debt, Ulica Bravante, coordinator of the IGAPE negotiation commission replied that the debt belongs to the Zahara group and there is no direct transfer to the State.
"The person responsible for the debts of a public limited company is the company itself, which responds within the limit of its assets (...) so there is no direct transfer of debt from the group to the State. Naturally, the State is concerned with the situation the group's financial position, as a shareholder, and whenever there is a need for reinforcement, and having that capacity, it will do so as a shareholder," he explained.
Domingos Francisco said that negotiations were underway with the bank with a view to acquiring financing for the payment of debt to national suppliers, valued at 6.9 billion kwanzas, as well as the settlement of debts to external creditors, the amount of which he did not specify.
"There was a deterioration of accounts from 2018, with a worsening in 2019 and 2020, due to the weight of service contracts with abroad," he added.
The debt contracted with the banks to "expand the business" is also being restructured.
According to the manager, "there are positive prospects of being done, not a pardon, but a moratorium of six to eight months", so that management can be passed to the new operator "without this suffocation" and to pay off the debt to the bank after the assignment of the holding.
As for ongoing legal disputes, Domingos Francisco noted that "they are of little importance" and are in the process of being resolved or already resolved, so "for the purpose of the assignment, they have little relevance".
Ulica Bravante said that the tender procedure should be completed in 150 days, with the opening of the tender on 15 July and receipt of proposals by 16 September, followed by the qualification of bidders and analysis and evaluation and negotiation of proposals for another month . The award and conclusion of the contract is scheduled for October 12th.
The concession will have a term of seven years, with no purchase option. The new operator will pay a variable fee to Zahara Comércio, defined in terms of percentage of gross sales, and an infrastructure rent to Zahara Imobiliária, also belonging to the group.
The group has several companies, including Zahara Comércio, Zahara Imobiliária, Zahara Logística, Zahara Serviços and Zahara Indústria.
