Page 10 - DMEA Week 10 2021

DMEA COMPANIES DMEA

Sonangol exec comments on

likely value of upcoming IPO

AFRICA BALTAZAR Miguel, the executive adminis- year. These revenues stemmed from the trade
trator of Angola’s national oil company (NOC) of nine assets and the sale of three properties in
Sonangol, said last week that plans for the partial Portugal, he explained.
privatisation of his company might generate at In the meantime, he said, the company has
least $6.5bn in revenues. committed to unloading stakes in another 34
Speaking at an event marking Sonangol’s 45th assets from its portfolio. These sales are not yet
year in business, Miguel noted that the NOC had completed, he reported, without revealing fur-
calculated the value of a 30% stake at $6.5-8.1bn. ther details.
This is based on the company’s own internal esti- Martins also noted that Sonangol still had
mates, which put Sonangol’s total value at $21.8- equity stakes in several other companies that
27.0bn, he said. were not involved in oil and gas. It is a share-
Angola’s government has said it wants to sell holder in Unitel, a telecommunications company
part of its holdings in Sonangol via an initial formed by former president Eduardo dos Santos’
public offering (IPO) of stock before the end of daughter Isabel dos Santos, and in a number of
2022, he added. Officials in Luanda have already banks, he said. He named those banks as BAI,
begun preparations for this sale in consultation Banco Economico, BCI, BFA, Caixa Angola and
with the international accounting firm Ernst & Millenium BCP.
Young and recently staged their first meeting on He went on to say that while the NOC
the upcoming sale, he stated. remained committed to divesting its non-core
Miguel was speaking at the same event where assets, it might not always follow a straight path
Gaspar Martins, Sonangol’s board chairman, toward that goal. This is because non-linear
reported that the NOC had earned some $48mn routes may allow the company to “circumvent
through the divestment of non-core assets last the difficulties,” he commented.™

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