"The President of the Republic, João Lourenço, determined this Wednesday, 28, the nationalization of 60 percent of the shares of the commercial company Miramar Empreendimentos (...). With 40 percent of Sonangol's participation, the unit became, in its entirety, state property", can be read in a statement published on the government's official website.
The decision is justified by the fact that the hotel was built with "entirely public resources, through Sonangol".
João Lourenço also decided to transfer ownership of the shares to Sonangol. The oil company now has "all the rights inherent to the use, enjoyment and disposition of the aforementioned shares", the note states.
Miramar Empreendimentos now has as shareholders Sonangol (40 percent), Suninvest Investimentos, Participações e Empreendimentos SA (43 percent) and Sommis SGPS Limitada (17 percent), although the latter two companies did not contribute financially to the construction of the unit.
The order also highlights that the hotel unit "has high economic potential and its transfer to the public domain is in the national interest due to having been built with public funds".
"The doubts and omissions arising from the interpretation and application of this Presidential Decree are resolved by the President of the Republic", concludes the note.
Miramar Empreendimentos also owns the Três Torres in Luanda, seized in July by the Asset Recovery Service of the Attorney General's Office.
