Angola’s Sonangol to maintain brand of recently acquired Escom

26 January 2011

Lisbon, Portugal, 26 Jan – Angolan state company Sonangol plans to keep the Escom brand despite the association of this name to Portuguese group Espírito Santo, Portuguese daily newspaper Jornal de Negócios reported.

Last week, the Portuguese group sold its 67 percent stake in Escom Angola to the Angolan oil company for a so far undisclosed sum.

The remaining 33 percent was owned by the current chairman of Escom Angola, Hélder Bataglia, who sold a 23 percent stake to Sonangol and who, the paper said, will continue to head up the company.

The newspaper also said that keeping the Escom name was due to the sale of the asset having been considered three years ago and that the Espírito Santo group symbol and reference to the name had been removed at that time in order to help Escom to establish its own identity. (macauhub)