Angola approved by presidential decree the privatization of 51% that Sonangol holds in the fuel distribution company in which it is a partner of Galp and the 20% that it owns in the construction company controlled by Mota-Engil
Sonangol has already received authorization to sell the 51% stake in the fuel distribution company Sonangalp and 20% in Mota-Engil Angola, Bloomberg reported this Monday, citing a presidential decree.
The two sales, the news agency added, will be made through an initial public offering (IPO).
Angola has planned to divest up to 2022 state stakes in 195 companies, within the scope of the privatization program that aims to resize and restructure the country’s public business sector, including the position in Bank Caixa Geral Angola, controlled by Caixa Geral of Deposits.
Mota-Engil Angola is 51% controlled by António Mota’s construction company, while in Sonangalp the Portuguese oil company Galp holds 49%.
