Angolan President Joao Lourenco published an order that authorises the privatisation of the 90% participation that the state holds in the Multitel's share capital, through a public tender.
According to the local media reports the Angolan state's share in the internet and data services provider amounts to 90%, via PT Ventures (40%), Angola Telecom (30%), and Banco de Comércio e Indústria (BCI) (20%).
According to a presidential order, to which Portuguese news agency Lusa had access, the tender is necessary because Multitel "does not meet the necessary conditions" for its privatisation via an IPO on the stock exchange.
The privatization of Multitel falls within the framework of the 2018-2022 national development program which embraces the reform of the public finances of the executive.
The President delegated to the Minister of Finance, Vera Daves, the competence to sub-delegate the proceedings of the process, namely the appointment of the negotiation committee, as well as the verification of the validity and legality of the public tender.