Angola plans to privatise 74 state companies over the next few years, predominantly those in the industrial sector, according to the prospectus sent to investors as part of the country’s Eurobond issuance.
Africa’s second-largest crude producer has been battered by a fall in the price of oil over the past four years and President João Lourenço, who took office in September, has pledged to reduce state interference in the economy, which remains centrally controlled after years of civil war and Soviet influenced state building following independence from Portugal in 1975.
“Generally, the government intends to sell its entire interest in these companies, the majority of which operate in the industrial sector,” the prospectus, a copy of which was seen by Reuters, said.
The prospectus does not list the companies or say how much the privatisations could raise, but a government source told Reuters that Angola’s ports, national carrier TAAG, BCI bank, and insurer Ensa were all being considered for full or partial privatisation.
“The government’s long-term policy is that companies which, in the government’s view, are not required to remain under public ownership as a matter of policy should eventually be privatised,” the prospectus added.
Lourenço aims to revive growth by opening the economy to foreign investors and diversifying away from oil, which currently accounts for 95 percent of exports.
Angola is in the process of raising $3 billion through two Eurobond issues, launching $1.75 billion in 10-year notes at 8.25 percent and a $1.25 billion 30-year tranche at 9.375 percent.
In the prospectus, Angola also said it saw its total debt – excluding that held by state oil firm Sonangol – reaching $77.3 billion, or 70.8 percent of GDP, by the end of 2018.
Latest Stories
-
GHS launches mobile app to counter misinformation about vaccines
3 mins -
Election 2024: Care Ghana warns EC of recruiting political actors as Returning Officers
11 mins -
Mohammed Kudus gets 5th Premier League assist as West Ham hold Liverpool
12 mins -
Religious support source of my success – Asantehene
18 mins -
Sierra Leone energy minister resigns over electricity crisis, as power returns to capital
27 mins -
EC accuses Bright Simons, IMANI Africa of peddling falsehood
55 mins -
GRA/SML contract: Akufo-Addo has whitewashed the KPMG report – Inusah Fuseini
58 mins -
USM Alger receive warm welcome at Oujda Airport ahead of game against RS Berkane
2 hours -
2023/24 Ghana Hockey League to kick-off this weekend
2 hours -
All payments received from our contract with GRA are performance-based, says SML
2 hours -
Marrakech 2024: Ghana’s Zinabu Issah wins gold in women’s discus throw
3 hours -
Our contract with GRA followed due process; ignore contrary reports – SML
3 hours -
SML is just Agyapa in suit and tie – Bright Simons
3 hours -
Domelevo condemns selection of KPMG to audit GRA/SML contract as illegal and unprofessional
3 hours -
SML/GRA contract: OSP should have released its report by now – Inusah Fuseini
4 hours