Monday, February 01, 2010
The Quiminha Project in Angola
TAHAL has signed a €143 million contract with the Angola Ministry of Public Works to build an integrated agricultural and regional development project. The project includes water supply, sewage and drainage, and irrigation system for the new Quiminha rural settlement of 310 farms, 70 kilometers southeast of the capital Luanda, near the Quiminha Dam on the Bengo River.
TAHAL is pushing new projects because its owner, Kardan (a holding company on the Amsterdam Stock Exchange) wants to sell 49% of its shares. TAHAL is very active in a supposedly vital field (water and sewage) but it is not very profitable or not profitable at all. Once TAHAL's overseas projects were based on an abundance of Israeli agricultural experts that were willing to travel to places where no other European or American would travel. Nowadays there is enough work in Israel and TAHAL's foreign expert salaries are not too attractive.