Ver Angola


Vera Daves: Sonangol on the stock exchange only at the end of next year

The Minister of Finance estimated this Tuesday that the partial privatization process of Sonangol will only be ready in 12 to 18 months, which pushes the placement on the stock market to the end of next year.


In the interview given during the 'Bloomberg Invest: Focus on Africa' conference, Vera Daves de Sousa said that the main national company "is still in a complex moment" and stressed that the restructuring process takes time.

"We are still at a complex moment at Sonangol, it is in a restructuring process, in a year or a year and a half we will be more comfortable to proceed with 'due diligence' and then sell a minority position", said the official, when questioned by Bloomberg on the progress of the process.

"There is still no fixed date for the IPO (Public Offer for Sale), 12 or 18 months from now is an objective perspective, but it depends on how quickly we move forward with regard to the assets that Sonangol is privatizing, and other assets that are to recover and that need to be in the accounts", explained the minister.

In 2019, Angola started the Program for Integral and Partial Privatization of Public Companies (Propriv), with a list of 195 assets, to which another 16 were added and, later, 71 were withdrawn, totaling 140 companies.

By the end of January, 73 privatizations had been carried out, corresponding to 52.1 percent of the program's level of execution, mostly in the industrial sector (28), followed by the agro-industry sector (17), with 67 processes in progress.

Of the privatized companies, 54 were awarded to Angolan companies, 41 are operational and 32 are in the start-up phase.

In terms of financial execution, the amount contracted totals around 850.1 billion kwanzas, with the amount received being 469.6 billion kwanzas and 380.5 billion kwanzas to be received.

In 2021, the privatization of 35 assets/companies was concluded, with emphasis on the Bank of Commerce and Industry (BCI) and 24 assets via electronic auction, with a total collected of 444 billion kwanzas.


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