24 November 2017

Angola: Privatisation of Public Companies Transparent - Official

Luanda — The privatisation of public companies through the Angola Securities Exchanges (BODIVA) will comply with the companies certification, organised accounting, good governance criteria and concerned legislation.

This was said Thursday in Luanda by the Finance Ministry's consultant, Silvio Custódio, while delivering the topic "The path to privitasation" at the forum on market of capitals.

The official on the occasion said that the conditions for the privatisation of companies have already been created, in line with the Government Plan going from October 2017 to March 2018.

According to him, the process is also open to interested foreign investors alike in other countries of the world.

As an example, he mentioned cases occurred in a few countries such as Portugal where nine companies were privatised in 2011 through the securities market and direct sale, with yields of Usd 10 billion.

The privatisation process, he said, helped Portugal to pay its debt and improved the financial situation of its banks.

Sílvio Custódio explained that the stock market is one of the options to privatise public companies.

He underscored that regarding Angola, some companies up for privatisation need to improve their corporative organisation, certified and organised accounting and other aspects to get into the stock market.

Companies with great potential such as those in the oil and energy sectors will be privatized as well, said the official.

To this end, the Institute for Public Entrepreneurial Sector (ISEP) will check the state of accounting of the said companies in compliance with the above mentioned six-month Government Plan.

One of the greatest advantages of privatising companies will be reduced the public debt, adjustment of their management and competiveness among them, said the consultant.

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