Government appoints a new board of directors to lead Angola Telecom for privatisation

10 October 2019

The creation of conditions to make telecommunications company Angola Telecom viable through its capitalisation ahead of privatisation was the basis of the decision of the Angolan President to appoint a new Board of Directors chaired by Adilson dos Santos, reported the Jornal de Angola newspaper.

In January, Santos replaced Eduardo Domingos Sebastião as Coordinator of the Management Commission that since 2016 has been managing Angola Telecom, where he was previously Systems Administrator from 2003 to 2007 and, from 2017, played the role of member of the committee that he now leads.

Angola Telecom is expected to be privatised in 2021, under the terms of the Privatisation Programme, which also says the Angola Stock and Debt Exchange (Bodiva), Sonangalp, Angola Cable, Sonair, airline TAAG and the Banco Econômico will be privatised in the same year.

The telecommunications company was the first large public company to be included in the Government’s privatisation plans, which include transferring 45% of its share capital to private investors.

The 2018 Annual Report and Accounts released by the State Institute for Assets and Holdings Management show that Angola Telecom ended the year with a net loss of 34.984 billion kwanzas, almost double the year before. and an equally negative operating result of 1.144 billion kwanzas.

Angola Telecom had assets of 129.011 billion kwanzas at the end of last year, which compares with 140.757 billion kwanzas at the end of 2017, negative equity of 62.357 billion kwanzas (19.347 billion kwanzas less in 2017) and a liability of 191.368 billion kwanzas (160.103 billion kwanzas). (Macauhub)