LUANDA, July 8 – The Angolan government plans to raise as much as 300 billion kwanzas ($320 million) through the sale of a 15% stake in Unitel SA, the country’s largest telecommunications operator, as part of efforts to finance the national budget and deepen domestic capital markets.
According to BFA Capital Markets, a subsidiary of Banco Fomento Angola SA and one of Unitel’s shareholders, the offering comprises 7.5 million shares.
The share sale will run until July 24, with an indicative price range of 36,000 to 40,000 kwanzas per share, potentially generating up to 300 billion kwanzas ($320 million) for the government.
The transaction forms part of Angola’s broader privatisation programme, which seeks to attract private investment, improve the efficiency of state assets and expand participation in the country’s financial markets.
Unitel is Angola’s largest telecommunications company and one of the country’s most valuable corporate assets. The proposed sale is expected to increase liquidity on the domestic stock market while providing investors with access to one of Angola’s leading telecommunications businesses.
Unitel, which serves more than 21 million subscribers, came under state control in 2022 after the Angolan government seized the shares held by Isabel dos Santos, daughter of former President José Eduardo dos Santos, and former army general Leopoldino “Dino” Nascimento.
For the government, the offering is also expected to provide additional fiscal resources as authorities continue efforts to diversify the economy beyond oil, strengthen public finances and encourage greater private sector participation in key industries.
