17 May 2018

Angola: Sistec Reduces Sales and Closes Some Stores

Luanda — Sistec's (Systems, Technologies and Industry) turnover decreased from USD 100 million in 2014 to USD 50 million in 2017, due to the shortage of foreign currency in the Angolan market.

This situation, which has been dragging since 2014, forced the company's management to close some stores in the provinces of Lunda Sul (Saurimo), Uige, Cuanza Norte and Luanda, according to its president Rui Santos, who made the statement on the sidelines of the seminar on taxation.

The company, in the market for 25 years, needs at least one million dollars a month for the import of goods and the regular supply of stores still in operation.

There are currently 24 stores operating, which have been supplied with products purchased locally and others imported by other companies.

Given the context, Sistec was forced to negotiate the dismissal of about 700 employees, over a period of three and a half years.

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