Angola’s Sonangol sells its 25% stake in telecoms company Unitel

16 November 2018

Angola’s national oil and gas company, Sonangol, will sell its 25% stake in mobile telecommunications company Unitel, the group’s chairman said on Thursday in Luanda.

Shareholders in Unitel, the largest mobile telecommunications operator in Angola, including Vidatel, Geni, Mercury and PT Ventures, each have a 25% stake in the company,with Sonangol’s stake held through Mercury, a telecommunications services subsidiary.

Carlos Saturnino, who was speaking after the presentation of the group’s Regeneration Programme, also announced that the company had submitted to the Government a list of 51 other companies in which it holds stakes that it intends to divest in part or in full by the end of December 2019.

The group also intends to “thin out” several of its 19 subsidiaries and is “analysing the added value and contribution” of its holdings in Angolan commercial banking, in the cases of Banco de Comércio e Indústria, Banco de Fomento Angola, Banco Angolano de Investimentos and Banco Económico, as well as in overseas investment funds, including in the USA, Singapore and Dubai.

Sonangol’s restructuring programme was approved in September by the President of Angola and and was justified by the need to find solutions to ensure the sustainability of the oil industry in Angola, with Sonangol on its core business, namely oil. (macauhub)