Angola has launched the largest public share offering in its history, seeking to raise to $320 million through the sale of a 15% stake in Unitel SA, the country's biggest telecommunications operator.
Angola has launched the largest public share offering in its history, seeking to raise up to $320 million through the sale of a 15% stake in Unitel SA, the country's biggest telecommunications operator, as the government pushes ahead with reforms aimed at deepening capital markets and reducing its reliance on oil revenues.
The offering comprises 7.5 million shares, with an indicative price range of 36,000 to 40,000 kwanzas per share, according to BFA Capital Markets, a subsidiary of Banco de Fomento Angola (BFA), which co-owns Unitel. The share sale, which closes on July 24, could raise as much as 300 billion kwanzas ($320 million), according to Bloomberg.
From private empire to state control
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.
