30 April, 2023
The Cabinet has decided to liquidate three companies fully affiliated to the Road Development Authority (RDA) under its policy of restructuring State-Owned Enterprises (SOEs). They are Maganeguma Machinery and Construction Company, Maganeguma Consultancy Company and the Maganeguma Emulsion Company.
The Highways and Transport Ministry will conduct an Assets and Liabilities assessment of these companies and offer a Voluntary Retirement Scheme (VRS) for their current employees. More than 700 employees of Maganeguma Machinery and Construction Company have already retired under a VRS which offered an attractive compensation package.