Insitec Buys Country’s Largest Building Company

9 May 2011

Maputo — The Insitec group has announced the acquisition of 100 per cent of Mozambique’s largest building and engineering company, CETA.

CETA began its operations 30 years ago, and employs around 2,500 people. It operates on public works, concrete and steel structures, roads, and water supply, sanitation and drainage facilities.

CETA has a presence throughout the country, but is particularly active in the central and northern provinces. Currently over 50 per cent of its business portfolio is concentrated in the northern province of Cabo Delgado and the central province of Tete.

Insitec is a rapidly growing business group, headed by a relatively young Mozambican businessman Celso Correia. Its structure is divided into three sub-holdings – Insitec-Investments, Insitec-Imobiliaria (real estate) and Insitec-Constroi (construction).

CETA falls under Insitec-Constroi, which also includes the CINAC cement factory in the northern port city of Nacala.

Insitec has investments in key sectors of the economy, including shareholding in the country’s second largest commercial bank, the BCI, in the Northern Development Corridor (CDN), which runs the Nacala port and rail system, and the Mpanda Nkuwa Hydroelectric Company, which has the concession to build a dam on the Zambezi at Mpanda Nkuwa, 60 kilometres downstream from the existing dam at Cahora Bassa.

The Insitec announcement did not reveal how much it paid in its takeover of CETA. An extraordinary general meeting of CETA took place last Wednesday, electing new company bodies. The new chairperson of the CETA board is Nelson Muianga.

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