Angola’s Sonangol sells stake in real estate company

28 September 2017

Angola’s national oil and gas company Sonangol plans to sell the 51% stake it owns in real estate company Kora Angola through its Sonangol Imobiliária e Propriedades (Sonip) subsidiary, under a presidential order published in the official gazette.

Sonip is one of several subsidiaries of the Angolan oil company, in this case for real estate and assets, like Kora Angola, a company that in 2013was awarded a contract by the Angolan state to build 17,000 houses in several areas of the country.

The order quoted by Portuguese news agency Lusa authorises Sonip to sell the 51% stake in Kora Angola to Diembo, Limitada, without giving a value for the deal.

The document also said that the “current economic situation of the country requires a reduction of the intervention and weight of the Angolan State in the economy,” as well as “reorganisation of public sector companies.”

In June 2016, Isabel dos Santo became chairwoman of Sonangol, with the mission of reorganising the company, which is the largest business group in Angola.

“The company’s coffers were empty, we had a lot of difficulties, but this year we are overcoming these difficulties and step by step start thinking about the future,” said Isabel dos Santos on Tuesday, after the investiture ceremony of João Lourenço as President of Angola.(macauhub)