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Economy

Carlos Rosado: State must be prepared to intervene in Isabel dos Santos companies

The economist Carlos Rosado considered that the State must be prepared to intervene and finance companies in the Isabel dos Santos universe, after the brewer Sodiba had assumed difficulties.

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After the seizure of shareholdings and bank accounts decided by the provincial court of Luanda in December, the businesswoman, daughter of ex-president José Eduardo dos Santos, also saw her bank accounts frozen in Portugal, at the request of Angola, which may have an impact on companies. "It depends on how much they are in," Carlos Rosado told Lusa.

If the situation is unlikely to cause problems for banks such as Banco de Fomento Angola and EuroBIC or the telecommunications operator Unitel, others, still at an early stage and more dependent on shareholders, may experience difficulties, as is “apparently” the case of Sodiba , said.

In a recent interview with the Lusa agency, Luís Correia, chairman of the Board of Directors of the Beverage Distribution Society of Angola (Sodiba), which produces in Luanda the beer brand Luandina and the Portuguese Sagres, admitted concerns in the medium term as the The brewer's business is dependent on the injection of 1500 million kwanzas in the first quarter and was hampered by the arrest of the PGR.

Therefore, Carlos Rosado considered that the State must have solutions to safeguard the situation of companies. "The companies 100% owned by Isabel dos Santos and which are in an initial phase need financing, if the shareholder has frozen accounts and cannot put money in, I think the State must do it", he stressed, admitting that finding banking solutions at this time "will not be easy".

In a situation similar to that of Sodiba, there may be other companies owned by Isabel dos Santos, such as the hypermarket chain Candando or the television operator Zap.

“We do not know whether these companies with a few years, which still depend on the support of shareholders, already generate enough‘ cash flow ’to pay for investments. Therefore, they either resort to bank financing or to shareholders”, he explained. However, "only by knowing the companies' accounts can we draw conclusions".

Carlos Rosado said that Isabel dos Santos "who boasts of being a good entrepreneur and a good manager and a good investor" should also have capitalized on companies for the problems they could face.

"Companies do not normally resort to shareholders, only at an early stage, after reaching cruising speed they live on their own, it does not make sense to ask shareholders for money", he noted.

For the economist, the moment is one of uncertainty and the questions must be taken care of.

“This, at the very least, introduced uncertainty and I do not know how the State will resolve it: if it is necessary for the shareholder to put money, as said [the PCA of] Sodiba, who will put the money if the accounts are frozen”, questioned, saying that it does not seem that "this issue has been taken care of".

In addition, companies face problems “due to the simple fact that Isabel dos Santos is a shareholder”, as they are already “seen differently”.

It is also necessary to know “what the State is going to do with these companies” and, above all, whether there will be financial availability to intervene, possibly through IGAPE, the institute that manages State participation.

Carlos Rosado recalled that “a very ambitious privatization program” is underway and that this “will not be the best time” to privatize, but he warned that the State must be prepared.

“If they keep the assets to sell, I assume that this is the intention of the State. But they have to be prepared for the problems that may arise, if Isabel dos Santos cannot put the money there, it has to be someone for her”, he stressed.

The economist also pointed out “the paradox” that is experienced at a time when “the State wants to privatize and exit the economy, but is going through a phase in which it will have to increase its presence in the economy”.

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