Angola to Privatize Biggest Telco, Banks in Push to Diversify Economy
TLDR
- Angola will sell stakes in Unitel SA, Banco de Fomento Angola and Standard Bank Group’s local unit
- This move is part of a broader effort to attract investors and diversify the economy away from oil
- The three companies are among nearly 200 state-owned entities identified for privatization since 2019
Angola plans to privatize stakes in its largest telecommunications company, Unitel SA, and two lenders, Banco de Fomento Angola and Standard Bank Group’s local unit, in the coming months.
The announcement, made by Minister of State for Economic Coordination José de Lima Massano during the World Economic Forum in Davos, is part of a broader effort to attract investors and diversify the economy away from oil.
Unitel’s privatization will partially occur through Angola’s stock exchange. The three companies are among nearly 200 state-owned entities identified for privatization since 2019, over half of which have already been sold. However, stakes in Sonangol, the state oil company, and diamond firm Endiama remain off the table for now, as internal restructuring continues.
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Key Takeaways
The privatization drive aligns with Angola's push to reduce reliance on oil, which accounts for over 90% of export revenue. The inclusion of Unitel and major banks underscores the government’s intent to expand investor access to critical sectors. Despite the focus on privatization, Angola retains stakes in Banco Comercial Portugues SA and Galp Energia SGPS SA due to their strong market performance, with 88% and 25% value growth respectively in 2024. While the move signals progress, challenges remain in restructuring key entities like Sonangol and Endiama to meet investor expectations. Success in these efforts could position Angola as a more diverse and investment-friendly economy.
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