Tue, 13 Aug 2019 18:47 - Updated Tue, 13 Aug 2019 18:47
Sonangol injects capital into Banco Económico to respond regulator
Luanda - The minister of Mineral Resources and Petroleum, Diamantino Azevedo said that the increase in Sonangol's stake in Banco Económico stemmed from shareholder agreements because the Central Bank, as a regulator, has demanded a capital increase and one of its shareholders has not applied it.
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Minister of Mineral Resources and Oil, Diamantino Azevedo, at presentation of Propriv
Photo: Pedro Parente
Diamantino Azevedo, who was reporting to journalists on the sidelines of the public presentation act of the 2019-2022 Angola Privatization Program, stressed that the increase will not be made all at once.
He also said that after the bank's proper reorganization, the state will divest its stake so that Sonangol can focus on the score business, which is the oil prospecting and exploration segment.
Sonangol took Lektron's stake in Banco Económico, now holding 70.37% in the bank, compared to 39% in the past.
In addition to the oil company, the shareholders are Portuguese Novo Banco (9%) and Geni (19.9%).
Meanwhile, Diamantino Azevedo said that the Government has decided to lead to the partial privatization decision of Sonangol through a public offering of shares, which in the first phase will be minority, the exact percentage of which will be decided throughout the process, after consideration of the privatization by the head of Angolan Government.
He pointed out that such privatization effectively predicts that part of the shares will be allocated to the company's employees and other subscribers.
The minister stressed that in this way they will be following the ideal model already in practice in other internationally renowned companies.
- 13/08/2019 17:30:56
Luanda - Angolan minister of State for Economic Coordination, Manuel Nunes Júnior said Monday that the Angolan Government has hired the World Bank (WB) as a strategic consultant for the privatization process of 195 companies, in which 32 are classified as national reference companies.
- 13/08/2019 15:28:02
Luanda - Minister of State for Economic Coordination Manuel Nunes Júnior Tuesday in Luanda considered the privatisation process a tool to achieve adequate levels of competition and efficiency in business management in Angola and the economy.
- 13/08/2019 11:40:28
Luanda -The Angolan Investment Bank (BAI) and the Social Security of the General Tax Administration (CPATT) signed an agreement which will secure the offer of banking services in varied conditions for over 4,000 benefiters of this institution.