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Angola’s Sonangol to sell subsidiaries and non-core stakes

As part of an extensive three-part privatization program, the state oil company Sonangol wants to privatize 52 companies and two non-core asset portfolios by the end of next year. “The non-core subsidiaries and non-core stakes of Angolan state oil and gas company Sonangol will be part of the first and second phases of the country’s privatization program, an official said… The president of the Institute of Management of Assets and State Participation (IGAPE), Valter Barros, said that the sale of those Sonangol companies, between the last quarter of this year and 2020, will be followed by insurance, telecommunications, banks and transport companies, among others. Barros said the hotel and tourism sectors will also be divested (in particular hotel units set up for the African Cup of Nations in 2010), the management company of the Special Economic Zone (Viana) and companies located there, as well as companies in the agricultural sector (state farms and agribusiness industries).”

Source: Macauhub

March against the privatization of Eskom

The National Union of Mineworkers (NUM) and the National Union of Metalworkers of SA (NUMSA) marched to the Union Buildings in Pretoria against the privatization of Eskom and the sourcing of power from independent power producers, among others. “Their mission and mandated task is to break up Eskom, privatize it, renew the looting contracts of cost-plus mines and justify IPPs [independent power producers]. In our view, this agenda is linked to the corrupt political elite who take South Africans for a ride,” said NUMSA general secretary Irvin Jim.

Source: www.numsa.org.za

Morocco to sell La Mamounia hotel, power plant to cut 2019 budget deficit

The government plans to privatize the Tahaddart power plant south of Tangier and the five-star La Mamounia hotel in Marrakech to plug a budget hole. “The government did not approve the sale of several other public companies, including CIH bank, one of Morocco’s best performing banks. But the government has not ruled out selling its 30 percent stake in Maroc Telecom. The spokesman said the government would restructure state firms and open more of them up to private investors.” Experts often advise against making long-term privatization decisions under the pressure of short-term budget needs, since cost-benefit assessments can be tarnished.

Source: AF