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President authorizes privatization of Multitel through public tender

The President, João Lourenço, authorized the privatization of Multitel, through a public tender, of the State's 90 percent stake in the telecom company.


According to presidential order No. 113/21 of 20 July, to which Lusa had access this Monday, the measure comes because the company "does not meet the necessary conditions" for its privatisation through the initial public offering procedure on the stock exchange.

Initially, it was planned that Multitel would be privatized through a public offering on the Angolan Debt and Securities Exchange (Bodiva), as expressed in a presidential order of December 2020, now revoked.

The state holds 90 percent of Multitel's share capital via PT Ventures, with 40 percent, Angola Telecom, with 30 percent, and Banco de Comércio e Indústria (BCI), with 20 percent.

The President, João Lourenço, delegates to the Minister of Finance, Vera Daves, the power to sub-delegate the procedures of the process, namely the nomination of the negotiation commission, as well as the verification of the validity and legality of the public tender.

The negotiation commissions to be created "must include" representatives of ministerial departments responsible for the sector of activity and are governed by the Privatization Framework Law, as well as "subsidiarily" the Public Contracts Law.

The Government's Privatization Program (ProPriv) foresees the privatization of more than 190 companies and/or state assets by 2022 in the banking, hotel and tourism, finance, insurance, agriculture, telecommunications, industry, and oil sectors, among others.

The National Interministerial Commission of ProPriv maintains the goal to privatize 100 assets and/or public companies this year, noting, however, that privatizations on the stock exchange may extend until 2022, as recently announced by the deputy coordinator of the technical group of ProPriv, Patrício Vilar.


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