Continental Focus, International Reach

Angola to Sell Off Sonangol Subsidiaries

Tuesday, June 12, 2018

Angolan president, Joao Lourenço has plans to privatize some of state-run Sonangol’s subsidiary companies. There was no clarification on when, what or how this would take place in the president’s statement.

The statement did say however that the process would be fair and transparent. A commission is being set up to evaluate assets that could be considered essential and those that are not.

According to sources familiar with the matter, investments in SonAir, an airline, five banks, and Banco Angolano de Investimentos in which Sonangol controls a stake of 8.5%, should be scrutinized.