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Wed, 14 Aug 2019 10:31 - Updated Wed, 14 Aug 2019 14:00

Privatization Program to privatize most companies by 2020

Luanda - The Privatization Program (PROPRIV) plans to alienate by 2020 most of the 195 companies owned by or with state participation, said Tuesday in Luanda, the Secretary of State for Finance and Treasury, Vera Daves de Sousa.

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State Secretary for Finance and Treasury Vera Daves speaks at the presentation session of the privatization program

Photo: Pedro Parente

PROPRIV presents companies from seven main sectors entities / assets to be privatized, linked to the Mineral Resources and Petroleum, Telecommunications and Information Technology, Financial, Transport, Agriculture, Hospitality and Tourism and Industry sectors.

According to the official, the proceeds from the privatization process go to the financing of programs for the economic and social development of the country, with a particular focus on fostering the productive sector.

Companies involved in this process include the Oil Company (Sonangol), Diamond Company (Endiama) and Angolan Airlines (TAAG), the Commerce and Industry Bank (BCI), Angolan Investment Bank (BAI), Caixa Geral de Angola Bank (BCGA) and Económico Bank, as well as the financial companies ENSA Seguros and Angola's Debt and Securities Exchange (Bodiva).

These include the Aldeia Nova and Biocom agro-industrial units, Textang II, Satec and Africa Textile, Nova Cimangola and Secil do Lobito cement plants, as well as Cuca, Eka and Ngola breweries and the construction company Mota Engil Angola.

The telecommunications companies moving to private equity under PROPRIV are Unitel (where MSTelecom has a 20 percent stake), MS Telecom itself, Net One, Multitel, Angola Telecom, TV Cabo Angola, Angola Cables, National Post and Telegraph Company of Angola (ENCTA), Angola Communications and Systems (ACS) and Telephone Directory Company of Angola (ELTA).

Other companies listed for privatization are Sonangol's airline, Sonair, the Airport Management Company (SGA) and Sonangalp, a 51 per cent fuel distributor owned by the Angolan state oil company.

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