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Sonangol holds 50% of Unitel's capital

Sat, 25 Jan 2020 11:48 - Updated Sat, 25 Jan 2020 11:48

Sonangol reinforces telecom investment Photo: Pedro Parente

Luanda - National Fuel Society of Angola (Sonangol) has fully purchased the PT Ventures SGPS SA (PT Ventures), a company hitherto indirectly owned by the Brazilian Oi.

The acquisition process enables the Angolan oil company to hold, from now on, 50 percent of Unitel's capital.

PT Ventures is a Portuguese company, holding shares in two Angolan companies, namely Multitel - Serviços de Telecomunicações Lda. (40%) (“Multitel”) and Unitel SA (25%) (“ Unitel ”).

PT Ventures also holds credit rights to dividends declared by Unitel and already past due and a set of indemnity rights arising from the final decision handed down by an Arbitral Tribunal, constituted within the scope of the arbitration initiated at the International Chamber of Commerce (ICC) by PT Ventures against the other shareholders of Unitel SA

According to a press release from the Angolan oil company sent to Angop, the acquisition involved the payment of an initial amount of USD 699 million and a deferred payment of USD 240 million.

This acquisition by Sonangol has the main objective to ensure the stabilisation and normalisation of Multitel and Unitel's activities, in view of the strategic importance of the latter for Angola.

The largest operator of mobile networks in the country, holds a shares standing at about 80% of the mobile communications and data market, and is one of the largest private employers in the country.

Prior to the completion of the acquisition process of PT Ventures by the Angolan oil company, Unitel had four shareholders, each with 25%. They are PT Ventures (owned by Brazilian Oi), MSTelecom / Sonangol, Geni (from general Leopoldino do Nascimento) and Vidatel (from Isabel dos Santos).

With indirect 25% share in Unitel, Sonangol now consolidates 50% of the company's share capital, which gives it, under the terms of the existing shareholders' agreement, the power to appoint the majority of the Board of Directors.