Ver Angola


State cashed in 850 billion kwanzas with asset privatizations in three years

The State cashed in 850 billion kwanzas over three years of implementation of the Government's Privatization Program (Propriv) and sold 64 assets between 2020 and 2021.


The data were released this Wednesday by the Secretary of State for Finance and Treasury, Ottoniel dos Santos, stating that only 469 billion kwanzas were received from the global amount contracted, which are distributed in three categories.

"One, which represents 26 billion kwanzas that were paid to the State, the second, 47 billion kwanzas were paid to Sonangol and the third, 396 billion kwanzas, represents the amount involved in the sale of the company Puma Energy and represents the exchange of shares, it is the value that these shares have and that are currently in the care of the Sonangol group", explained the minister.

According to Ottoniel dos Santos, the Angolan State has yet to receive a total of 380.5 billion kwanzas, of which 107 billion kwanzas refer to contracts signed with various contractors and 273 billion kwanzas refer to the option to purchase one of the units sold in the textile sector.

"We also have to mention that, by the end of 2021, the privatization of a total of 50 assets was planned, of which 34 were completed, effectively sold at the end of 2021, thus making a degree of execution in 2021 above 60 per cent," he said.

Speaking to the press, at the end of the meeting of the Interministerial Commission of Propriv, the official also reported that at least 15 companies and/or assets, namely eleven industrial units in the Special Economic Zone, the state insurance company ENSA and the BAI bank will be privatized in the first quarter of 2022.

Some of these assets, he maintained, "were part of those whose completion of the privatization process was scheduled for the end of 2021 and which will be completed in the first quarter of 2022".

"All the rest of the assets that are part of the remaining 67 assets to be sold will then be sold by the end of the first half of 2022", he stressed.

Asked about the status of privatization of the Angolan carrier TAAG and the oil company Sonangol, the Secretary of State said that their process does not fit into the actions defined for the first half of this year.

These are companies "that are preparing all internal processes and restructuring programs for when they are ready to be privatized, according to the modality or procedure that is defined", he noted.

The schedule of actions to be carried out during 2022, within the scope of Propriv, centralized this Wednesday's meeting, with the official recalling that since the beginning of the program a total of 140 planned assets have already been privatized.

The Bank of Commerce and Industry (BCI), the breweries Cuca and Eka, Textang, África Têxtil and some Songangol assets are on the list of "reference assets" that have already been privatized.


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