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Angola Begins Sale of State Bank as Test for Oil Privatization
Henrique Almeida, Bloomberg News LUANDA, ANGOLA - JANUARY 30: A view of downtown Luanda as seen on January 30, 2020 in Luanda, Angola. Businesswoman Isabel dos Santos is the daughter of the former President of Angola - Jose Eduardo dos Santos. Forbes Magazine put her fortune at $2.1billion making her the richest woman in Africa. How she made her fortune has come under scrutiny as international media using information from the Luanda Leaks have revealed how, during his presidency, her father sanctioned her acquisition of stakes in Angolan industries including banking, diamonds, oil and telecoms. In December 2019 the Angolan Courts froze Dos Santos s stakes in Angolan companies as it brought a case against her regarding funds owed to the state oil firm. (Photo by Luke Dray/Getty Images)
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Angola’s President Joao Lourenco has cleared the way for Initial Public Offerings (IPOs) on government-owned stakes in three of the country’s telecoms operators.
As reported by local outlet Novo Jornal, Presidential Orders No. 184/20 and No. 185/20 have authorised IPOs for the privatisation of state holdings in TV Cabo Angola and Multitel respectively. Order No. 186/20 has sanctioned a “limited tender by prior qualification” for the government’s shares in Net One. All three orders grant the Minister of Finance the authority over the privatisation procedures, inclu