africa Angola Capital market Economy Finance Industry Private Equity Privatization

Government of Angola plans to analyse privatisation of public companies soon

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The privatisation of Angolan state-owned companies will soon be analysed by the government, the country’s Secretary of State for Finance and the Treasury, Vera Daves, said on Wednesday at the opening session of the 1st Investor Fair.

The secretary of state, who did not identify the companies to be privatised, said however that the sale of these companies to private entities will allow them to be “more efficient, profitable and generate more jobs,” according to the Angop news agency.

The Angolan Government has already announced that it intends to privatise over 74 companies in the medium term, most of which operate in the industrial sector.

Privatisation legislation was introduced in Angola in 1994 to increase the efficiency, productivity and competitiveness of the Angolan industrial sector.

The Cuca and Ngola breweries, the Liangol coffee company, the Manauto transport company and the Vidrul glass factory are among the companies that have been privatised.

Between 2001 and 2005, the Angolan Government identified 102 companies for total or partial privatisation, a process that was not completed.

The President of the Republic, João Lourenço, created, by order of 20 February, 2018, a commission for the preparation and execution of the public-sector privatisation process, coordinated by the Minister of State and Economic and Social Development, Manuel Nunes Júnior.

The first Investor Fair, promoted by the Capital Markets Commission, will be held over three days and is attended by nine banks showcasing their products and services.

Source: macauhub

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