Angolan shareholders of Unitel want to buy Portugal Telecom’s stake in the group

22 April 2014

Angolan businesswoman Isabel dos Santos and the remaining shareholders of Unitel have informed Portugal Telecom that they want to exercise their right to buy the shares that the Portuguese group owns in the Angolan company, according to Portuguese newspaper Público.

Citing a letter sent to Portugal Telecom, the newspaper said that the Angolan shareholders argue that there has been a “violation of the shareholders’ agreement by PTI [PT Internacional], in the process of signing a merger agreement with Brazilian company Oi” in order to exercise their right to buy the shares representing 25 percent of Unitel.

Portuguese bank BPI recently valued PT’s stake in Unitel at 930 million euros (taking into account the dividends owed by the Angolan company).

According to the document, Unitel’s Angolan shareholders (including Sonangol, via Mercury) have said that the merger between PT and Oi, which involves PTI (the company through which PT owns its stake in Unitel), “indirectly implies a change in Unitel’s shareholder structure as the final controlling shareholder of PTI will no longer PT SGPS and will become Oi and CorpCo.” (macauhub/AO/PT)