Views Article – Sharenet Wealth

Europe, News

Angola to kick off Sonangol IPO before 2022 – minister Azevedo

LONDON (Reuters) – Angola will kick off the process to list 30% of oil company Sonangol in the next two years though not before the state-owned firm has been overhauled, the country’s minister of Mineral Resources and Petroleum Diamantino Azevedo said on Tuesday.

In a first step, many of Sonangol’s non-core businesses will be earmarked for privatisation, after which the rest of the core company would be overhauled, he said.

“Once we finished that process, there will be the conditions for bringing Sonangol to the stock exchange,” Azevedo said on the sidelines of a briefing at think tank Chatham House.

“Sonangol is like an octopus, it’s everywhere… there are properties everywhere, in Portugal, here, Singapore, aviation, resorts, hotels,” he added.

Azevedo said the government had hired Deloitte to help with the process.

(Reporting by Noah Browning, writing by Karin Strohecker, editing by Ritvik Carvalho)


© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Array ( )