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Angola’s Sonangol announces the list of assets to be sold - FurtherAfrica
Africa Angola M&A Privatisation

Angola’s Sonangol announces the list of assets to be sold

Angolan state oil and fuel company, Sonangol will sell 50 subsidiary companies and other assets, and has planned technical presentations in Angola and abroad, which will take place at the end of October, executive director Josina Baião announced last Friday in Luanda.

Sonangol, under the Privatisation Programme (ProPriv), which lists 195 state-owned enterprises to be fully or partially privatised by 2022, is expected to dispose of 20 companies and assets by December, with 26 planned to be sold by 2020, three in 2021 and one in 2022.

The list includes divestments in the subsidiaries and assets of Sonangol Cabo Verde – Sociedade e Investimentos and Óleos de São Tomé and Príncipe, as well as stakes in Founton (Gibraltar), Sonatide Marine (Cayman Islands), Solo Properties Knightbridge (United Kingdom), Societé Ivoiriense de Raffinage (Cote d’Ivoire), Puma Energy Holdings (Singapore) and Sonandiets Services (Panama), by 2021.

Baião, quoted by the Angolan press, also said that the oil company will sell its stake in WTA-Houston Express and French company WTA, as well as assets in Portuguese real estate companies Puaça, Diraniproject III and Diraniproject V, in Sonacergy – Serviços e Construções, Sonafurt International Shipping and Atlantis Viagens e Turismo.

Sonangol also holds assets to be privatised in Angolan companies in the Health, Education, Transport, Telecommunications, Energy, Civil Construction, Mineral Resources and Oil and Banking sectors.

The sale of more than 60 non-core assets will make the company “financially more robust,” said the company’s chairman, Sebastião Gaspar Martins, adding that the assets to be privatised have been valued as part of the company’s regeneration company in order to focus it on its main purpose.

Source: Macauhub

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