Sonangol Preps for First Presentation on Sale of Assets

By Veronica Gespucci, in Windhoek

Sonangol will be making its first technical presentation to the public on its planned asset sale in October 2019.

It will be in Luanda.

The Angolan state hydrocarbon company will be selling equity or whole in a total of 50 subsidiary companies and other assets, twenty of them in 2019.

The sale is part of the Privatisation Programme (ProPriv), which lists 195 state-owned enterprises to be fully or partially privatised by 2022.

There will be a roadshow in Dubai after the Luanda outing.

Sonangol -owned assets make up about a quarter of the entire Privatisation bucket list. The once powerful state energy firm will dispose of 20 companies and assets by December, with 26 planned to be sold by 2020, three in 2021 and one in 2022.

The list includes divestments in the subsidiaries and assets of Sonangol Cabo Verde – Sociedade e Investimentos and Óleos de São Tomé and Príncipe, as well as stakes in Founton (Gibraltar), Sonatide Marine (Cayman Islands), Solo Properties Knightbridge (United Kingdom), Societé Ivoiriense de Raffinage (Cote d’Ivoire), Puma Energy Holdings (Singapore) and Sonandiets Services (Panama), by 2021.

Sonangol will sell also its stake in WTA-Houston Express and French company WTA, as well as assets in Portuguese real estate companies Puaça, Diraniproject III and Diraniproject V, in Sonacergy – Serviços e Construções, Sonafurt International Shipping and Atlantis Viagens e Turismo.

Sonangol also holds assets to be privatised in Angolan companies in the Health, Education, Transport, Telecommunications, Energy, Civil Construction, Mineral Resources and Oil and Banking sectors.

Sebastião Gaspar Martins, Sonangol’s non executive chairman, says the sale of these non-core assets will make the company “financially more robust.” Sonangol is expected to have the wherewithal, going forward, to focus on hydrocarbon properties.

 



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