Financial difficulties lead the Angolan government to accept private investment in TAAG

14 March 2019

The Angolan government has allowed private investors to take a stake in flagship airline TAAG due to the carrier’s current financial difficulties, said the company’s CEO, Rui Carreira.

“When talking about the privatisation of the company, it should be taken into account that the Angolan State no longer has the strength it had in previous years, where it was able to finance its companies in a more relaxed way,” said Carreira in an interview granted to the Angop news agency.

The chairman of the TAAG Executive Commission said that the private investor fills the gap left by the state’s financial incapacity, injecting capital that will help overcome the airline’s financial and operational situation, “making it profitable.”

Carreira said that to date the institutional and legal package has been prepared, through decrees authorising and defining the parameters of privatisation and the transformation of TAAG from a public company into a public limited company.

The privatisation process covers 49% of TAAG, as the State will keep 51%, and 10% of the shares will be sold to transport sector workers and the remaining 39% available for sale on the market.

Carreira also explained that national or foreign entities interested in acquiring TAAG shares will be limited to a maximum of 10% of the 39% placed on the market. (Macauhub)