Angola State Oil Firm Sonangol Eyes 30% Sale in Planned IPO
TLDR
- Angola’s state oil company Sonangol is preparing for an initial public offering (IPO)
- Up to 30% stake sale would be phased but officials did not specify a timeline
- Originally planned for 2022, the IPO is expected to increase transparency and attract foreign investment
Angola’s state oil company Sonangol is preparing for an initial public offering (IPO) of up to 30% of its shares, CEO Sebastiao Martins said at a press conference in Luanda.
The company is taking internal steps to move forward but won’t rush due to external pressures, he added.
Originally planned for 2022, the IPO is expected to increase transparency and attract foreign investment as Angola seeks to reduce state involvement in the economy. Oil Minister Diamantino Azevedo confirmed the 30% stake sale would be phased but did not specify a timeline.
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Key Takeaways
The Sonangol IPO remains delayed, partly due to fuel subsidies, which cost Angola $639 million in Q2 2024. The company’s 2024 revenue fell to $10.5 billion from $11.4 billion in 2023, impacted by lower oil prices. Despite privatization efforts, Sonangol will retain its stakes in Banco Comercial Portugues (19.5%) and Galp Energia, as both continue to generate dividends. Angola’s IPO timeline will depend on government decisions and economic conditions.
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