Madar replaces SNVI in the capital of the Renault Algeria factory

Madar replaces SNVI in the capital of the Renault Algeria factory

The National Industrial Vehicle Company (SNV) is withdrawing from the capital of Renault Algeria Production (RAP), an Algerian-French company that owns a French manufacturer’s factory in Tlelat near Oran.

The Algerian truck and bus manufacturer has been replaced in the financial round of Renault Algeria by another public group: Madar Holding (formerly SNTA).

On Thursday evening, he confirmed press information about the operation, without specifying the amount of the transaction, which allows it to hold 34% of Renault Algérie Production, a company that has been shut down since 2020 due to a lack of assembly kits for assembling the diamond brand. vehicles.

The replacement was confirmed by the State Participating Council (CPE) on April 20, Madar said in a press release posted on his Facebook page, stating that it “represents one of the axes for restructuring and reconfiguring SNVI’s assets.”

Madar, led by outgoing Algerian Football Federation President Amara Charaf-Eddine, said it was a “simple change of method” as part of a capital.

“As part of a major project to create a mechanical platform planned mainly in the industrial areas of Rouiba and Constantine and to relocate the assets of SNVI, which were carried out by public authorities, SNVI had to unload their shares, respectively. 34% within RAP and 20% within ZF-Algeria, “added Madar.

The Madar Group states that the operation does not mean rescuing the Algerian Renault plant, which has been closed since 2020, following a decision by the Algerian authorities to abolish the preferential import regime for SKD / CKD car assembly kits.

Rescue operation?

“It is neither more nor anything less than a decision that tends to partially modify the conditions for the continuation of the partnership,” confirms Madar, adding that the decision “does not contain any rescue plan such as ‘some national press headlines proposed.’ ‘.

However, Madar’s message remains unclear about the future of Renault Algeria production.

The public group recalls that it is “primarily a public company with a financial focus, whose objectives are exclusively to manage resources and public participations according to opportunities and in accordance with the investment policy developed by the state shareholder”.

Madar also confirms that these participatory operations focus on industrial diversification and target the most promising sectors, and states that “it is only continuing its strategy to diversify its activities, as approved by the state and which began in 2017”.

The entry into the capital of Renault Poduction Algeria will therefore allow Madar Holding “to secure its financial positions and consolidate its growth,” the press release states.

Madar then added that Renault Production Algeria “will be able to count on its contribution to achieving its economic goals in Algeria and continue its development there”.

Renault’s assembly plant in Algeria, launched in 2014, thus becomes the property of the Renault Group (49%), Madar (34%) and the National Investment Fund (FNI, 17%).

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