Multitel, one of Angola’s biggest internet and data service providers, is looking for new private equity partners, as the Angolan state gives directive to sell its 90% majority stake in the ICT company.

With a strong workforce of over 120 employees, the Angolan state holds a massive 90% in shares grip over the company via PT Ventures (40%), Angola Telecom (30%), and Banco de Comércio e Indústria (20%).

President João Lourenço authorized the privatization of Multitel through the announcement of a public tender on 26 July 2021. The Negotiation Commission led by Minister of Finance Vera Dave is tasked with sourcing and screening new equity partners. The commission will also oversee the procedural validity and legality of the tender.

This privatization tender forms part of a larger privatization policy shift adopted by the government in 2019. Programa de Privatizações (PROPRIV) as it’s widely known, aims to privatize 190 state companies and/or assets by 2022 in banking & finance, insurance, telecommunications, hotels & tourism, agriculture, industry & oil sectors. To date 36 privatization projects have been concluded.

PROPRIV was established as a framework of the law on privatizations. Compliance provides that privatizations are to be concluded through public tenders, or by selling equity through the local stock exchange (auction or initial offering) at the Angolan Debt and Equity Exchange.

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