Buyers of public companies in Angola to be privatised may pay a portion of the value due to the State using public debt securities, according to the Basic Law of Privatisations, quoted by the Angolan press.
The law, published last week in the Diário da República gazette, determines that the limit and conditions of payment using public debt securities “are set out in the specifications of the privatisation procedure.”
The document, quoted by newspaper Mercado, said that other forms of payment are a deposit or bank transfer or bank cheque made out to the National Treasury.
The Law sets out that privatisations may be conducted through a public tender, a public tender limited by prior qualification or by selling shares on the stock exchange, and the modalities may be the sale of shares, a capital increase for private companies, the sale of assets and or concession of the right of exploration and management.
“The choice of procedure is made in the Privatisation Programme, taking into account the characteristics of the entity of the Public Business Sector or of the public assets to be privatised, and the privatisation of the same entity may be carried out through a combination of two or more procedures set out in the Law,” the document said. (Macauhub)