Angola: Self-made millionaire to build $124 million brewery

Silvestre Tulumba e Investimentos (STI), an Angolan investment firm, has announced to build a new brewery in the province of Huíla, in the south of Angola not far from the border to Namibia. The investment, which amounts to $124.2 million (€105m) will be realized within the next 24 months with maximum output of the brewery being reached by 2023, reported on August 1.

According to an agreement with Angola’s government  and the department Unidade Técnica para o Investimento Privado (UTIP),  the group will be granted a tax discount of 62.5% for eight years and will in turn create 260 domestic jobs and 73 abroad.

65% of the investment is being secured by an external bank credit from Germany to facilitate the purchase of raw materials, equipment and services from abroad.

Within the last 12 months, STI announced similar agreements with UTIP to build a dairy plant for $132 million (€112.3m), a water bottling and soft drink plant for $95.5 million (€81.3m) and a production of pastry, noodles and bread for $83.8 million (€87.3m).

Silvestre Tulumba Kaposse, CEO and owner of STI, started 15 years ago as a taxi driver in the city of Lubango, before he partnered in 2002 at the age of 21 with his uncle to buy and sell cars mainly to the local government of Huila. After the partnership broke up, Tulumba partnered wih Kundi Paihama, Angola’s former minister of defense and a friend to his deceased grandfather, who supported the business with money and additional business contacts.

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