Colcom refutes Angola plans

HARARE - Food processor, Colcom Foods Holdings (Colcom) has denied plans to venture into Angola in the near future.

Colcom chief executive, Theo Kumalo, said the Innscor Africa’s unit was always open to new business prospects but was not setting up shop in the oil-rich southern African country any time soon.

“We hear all kinds of things we are not even aware of ourselves, we are a business and are open to business prospects everywhere. However, we are not going to Angola in the near future,” Kumalo said at the sidelines of the group’s year-end results presentation last week.

This comes after the meat processor had earlier in the year indicated that it was scouting Angola for possible business opportunities.

“Sales executives have visited Angola to explore market opportunities with potential customers and, further, Colcom Foods is participating in a Trade Fair in Angola,” said Kumalo in April.

Angola has recently become one of Africa’s fastest growing economies, with a growing middle class whose disposable incomes have been significantly boosted by an influx of investors into its booming oil industry.

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