Ver Angola


Government reduces TAAG's share capital to one fifth of the value

The air carrier TAAG will reduce its share capital from the current 700 to 127 billion kwanzas and change the shareholder structure, according to a presidential decree.


The diploma, dated 17 July and to which Lusa had access, indicates that the reduction in share capital results from the adaptation to the "current economic situation" and execution of the respective restructuring plan, with the need to redefine the shareholder structure.

The airline was transformed into a public limited company through Presidential Decree 275/18, with the company remaining in the public sphere, distributing the shares representing the State's shareholder rights equally among the Institute for the Management of Assets and State Participations (IGAPE) ) and the National Air Navigation Company (ENNA).

The diploma now published determines that the share capital will be 127 billion kwanzas, represented by two billion ordinary shares, with 50 percent of the State's representative shares attributed to IGAPE and 40 percent to ENNA.

The 10 percent of non-State shares are held by the Social Fund for Employees and Workers in the Transport Sector, while the transfer of shares belonging to public entities is subject to the prior authorization of the holder of the executive branch.

The TAAG Strategic and Investment Monitoring Committee is also created, consisting of representatives from the ministry's supervisory department, shareholders and the board of directors.

According to Jornal de Angola, the chairman of TAAG's Executive Committee, Rui Carreira, announced on Friday that the company is expected to have an estimated loss of 280 million dollars this year, caused by the impact of the covid-19 pandemic.


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