According to the presidential order, published in Diário da República, "the sale of the shares of Sonangol Holdings, Limitada, and 1.5 percent of Endiama, E.P., in Banco Angolano de Investimentos, S.A., in aggregate, is authorized by means of a restricted tender for prior qualification".
The Head of State justifies the signing of the order by the "need to sell the shares representing the share capital" that the State holds in BAI, "as stated in the Privatisation Programme (Propriv)".
The Order added that the "holder of the ministerial department responsible for public finances is delegated", with the possibility of subdelegating, "competence to verify the validity and legality of all subsequent acts", namely to initiate the procedure, to set up a negotiation commission and also to award and conclude the "corresponding share purchase and sale contract".
The negotiating committee shall be composed of representatives of the Public Finances and representatives of the oil company Sonangol and Endiama.
"The doubts and omissions resulting from the interpretation and application of this Order shall be resolved by the President of the Republic", concluded the document.