[2020-02-28] Angola’s Sonangol begins the process of selling assets in April

Source: Macauhub

The privatisation of 11 of the 54 assets held entirely or partly by Angolan national oil company Sonangol, will start next April, the company’s chairman said on Thursday in Luanda.

Sebastiao Martins, after giving assurances that the process is at an advanced stage of preparation, said the list for privatisation included Sonamet, focused on the manufacture of metal structures, in which Sonangol holds 40% of the capital, panel manufacturer Estaleiro de Fabricação de Paineis (40%) and Petromar (30%).

Sonangol also intends to dispose of it stake in the Logistical Support Centre in Soyo (30%), companies in the Sonadit group, focused on maintenance for companies that operate at sea (30%), two others of Sonatip that provide maritime services (51% each) and the Banco Angolano de Investimentos bank (8.5%).

The privatisation of these companies is part of the Privatisation Programme (Propriv), a measure of the government which plans to privatise at least 195 companies or subsidiaries owned by the State by 2022, to “restructure and resize the public enterprise sector” in Angola.

As part of the implementation of Propriv, 81 companies are due to be sold this year, via public tender, six via stock exchange auction and three via an initial public offering (IPO).

In 2021, another 12 companies will be privatised, with the remaining four expected to leave the State’s portfolio in 2022.