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Privatization alert in Angola

Legal Alert

By Luís Filipe Carvalho

As part of the privatization programme in force in Angola (PROPRIV), the President of the Republic, through four Presidential Orders, has recently determined the following state transactions:

  • Sale of the stake of 25% of SONANGOL-E.P's in Banco Caixa Geral Angola (B.C.G.A.), by way of Limited Tender by Prior Qualification - Presidential Order 87/20 of June 15;
  • Sale of the 8.5% stake of Sonangol Holdings, Limitada, and 1.5% of ENDIAMA, E.P., in BAI - Banco Angolano de Investimentos, S.A., in aggregate (10% in total), by way of Limited Tender by Prior Qualification - Presidential Order no. 76/20, of May 29;
  • Privatization of Banco de Comércio e Indústria (BCI), through Stock Exchange Auction procedure for specially qualified candidates - Presidential Order 66/20, of May 5;
  • Privatization of ENSA - Seguros de Angola, S.A.'s shareholdings, to be done in a phased manner, the first via Limited Tender by Prior Qualification, and the second via an Initial Public Offering (IPO) on the Stock Exchange. The President of the Republic, through Presidential Order n. 81/20, of June 5, delegated to the Minister of Finance the competence to determine the percentage of the share capital to be privatized.

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