Here comes an information to break with the gloominess of modern times where politics are omnipresent without thereby inspiring optimism. It is to the great delight of thousands of LSP housing subscribers in particular, Condor group announced yesterday the takeover of the Belgian Batigec company which have experienced financial difficulties.
Abdelmalek Benhamadi, chairman of Condor board of directors shared this new information during a press conference held in the company's headquarter in Algiers to provide details concerning this new acquisition, but also, and above all, to reassure the 3700 Batigec workers who worried about what will happened in case of disappearance of this company.
This is in addition to the concerns of many LSP type subscribers who have been waiting for several years without seeing any change. In this regard, Condor boss revealed that " approximately 5 000 units are to be constructed between LSP and social housing in the municipalities of Draria, El Biar and Sebbala as well as a part in Ain El Benian". In the municipality of Draria alone, we talk about 2 686 units without counting other towns in Algiers, in the image of Setif (200 LSP). "Houses with a delivery date of less than 20 months in some sites", explained Mr. Benhamadi and added " I understand the desperation of subscribers" and promise to make every effort to meet all the listed requests. "We will inform those concerned by SMS and through a website where they can find all the relevant information of their houses as the work progresses", he says, and added " everything will be done in order to not leave anyone behind". " We took over the company and inherited its assets and liabilities", admits the speaker. And explained its business logic : " The problems that Batigec knew, in my opinion, are due to a bad management and lack of funding. We will ensure to avoid making the same mistakes." Also, Condor, who preferred not to communicate the amount of the transaction at the request of the Belgian company, has revealed that the Belgian company debts, towards the bank, unpaid wages and subcontractors, are up to 15 billion dinars, the equivalent of 200 million dollars. As an answer to the question of what motivated this acquisition, given the negative aspects, Mr. Benhamadi, as a highly respected businessman, answered: “ Keep in mind that the company is in housing promotion and therefore, we can catch up on private sales, even if it is not a priority.” And highlight the green light given by the authorities which waived their pre-emptive rights.
A tool for Condor, which already has a little experience in the field through Bordj construction, to enter the field of construction and housing promotion.
