Angola will launch an initial public offering (IPO) for the state-owned telecommunication company Unitel in 2024. The company is one of 26 government-owned enterprises expected to be privatized this year.
The government launched the privatization initiative in 2019, with 195 state-owned companies and assets included. By 2022, 96 companies were successfully privatized, and an additional 73 assets were earmarked for privatization by 2026.
Angola’s Secretary of State for Finance & treasury, Ottoniel dos Santos said, “Our focus is on finding a mechanism to accelerate the privatization process of the state’s indirect holdings in these entities through the stock market.”
The purpose of the initiative, according to President President João Lourenço, is to increase foreign investment and stimulate economic growth.
Unitel’s shares are currently controlled by Angolan national oil company Sonangol and asset manager IGAPE, with each controlling 50%. IGAPE serves as the telecommunication company’s direct trustee.
