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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

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