Angolan government seeks companies to advise on privatisation process

12 December 2018

Angolan state asset management and investment institute IGAPE ‘s is contacting consulting firms to advise on the process of privatisation of state holdings, the chairman of the board of directors announced.

Valter Barros told Angolan National Radio that IGAPE wants the consulting companies to provide financial, operational and equity assessments of the companies selected to be privatised.

The process, Barros said, is rather complex, so prior assessments make it more transparent, according to Angolan daily newspaper Jornal de Angola.

At a capital markets forum in late November Barros announced that the non-core companies and stakes held by national oil company Sonangol would be part of the first and second phases of the privatisation programme, which will run from this year until 2020.

These will be followed by insurance companies, Angola Telecom, banking and transport companies, but also assets from the hotel and tourism sectors, from the Special Economic Zone, and from companies in the agricultural sector, including state farms and agribusiness industries.

Finance Minister Archer Mangueira, speaking on Tuesday in parliament, said that the government will caution the efficiency and transparency of the privatisation process when it is carried out through the stock exchange, unlike in the past when awarding directly was the standard process.

Mangueira, who presented the proposal for a Basic Law on Privatisation, which was generally approved by majority, also gave assurances that the process of selling to public companies will be transparent and made known to the general public.

The finance minister informed members of parliament that public energy and water utilities are not included in the first phase of the privatisation process and should remain in the state business sector. (macauhub)