Ver Angola


Sonangol manager wants more flexibility in the financial market

The head of the capital markets department at Sonangol, a state-owned oil company, said that the national financial market has room to grow, but greater flexibility is needed for companies to raise funds.

: Ampe Rogério/Lusa
Ampe Rogério/Lusa  

Denise Jacinto, who represented the oil company in the process of issuing 7.5 million bonds worth 75 billion kwanzas, which represents 2 percent of the company's financing needs, spoke to the press at the end of the admission to trading ceremony in the company's private bond exchange market.

"Sonangol has acquired financing at international banking level, this was the first time in terms of obligations at local banking level, we can say that the balance is positive and teamwork was fundamental to the success of this operation", she stressed.

According to Denise Jacinto, the process made it possible to verify that Sonangol is prepared to seek capital on the stock exchange, highlighting that one of the challenges had to do with the company's financial reporting, which currently has an annual frequency, but there is a need to make quarterly one of the requirements for the Initial Public Offering (OPI), that is, the dispersion of capital on the stock exchange.

For Denise Jacinto, the Angolan financial market still has a lot to grow, but flexibility is needed to raise funds, as happens in international markets.

"We need to have here a more flexible regulation in relation to the international financial market. We feel in this process that the rigor ends up being greater here in our country, in terms of what the requirements are, abroad our partners end up being more flexible in understand that Sonangol is a public company", she said.

"For example, in terms of financial reporting, although they need our annual reports on time, they can understand that it is not an easy process as it is a public company", she said.

Most of Sonangol's operations are in dollars, said the person responsible, so the company will continue to depend mainly on the international financial market.

Sonangol issued 7.5 million bonds, worth 75 billion kwanzas with a rate of 17.5 percent per year and a maturity of five years, with the main objective of financing its operations and projects.

In his intervention, Sonangol's executive director, Joaquim Fernandes, said that the process was challenging because "it was necessary to adopt strategies to respond to the regulator's demands", considering the moment "a very important milestone for Sonangol and the capital market national".

"The above-expected results are a clear indicator of the market's confidence in Sonangol for its ability to honor its financial commitments and we are committed to maintaining high standards of corporate governance and transparency to ensure that our investors continue to trust us", he stated.


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