Luanda – Angolan President João Lourenço decreed the public ownership, via nationalisation, of the shares held by VIDATEL LIMITED and GENI SA in the share capital of UNITEL SA, corresponding to 25% each.
According to the official page of the Presidency of the Republic on Facebook, the shares appropriated through this diploma are considered to be transferred to the state independently of any formalities, free of any impediment or charges, and are enforceable against third parties after registration.
It also states that the management of the participation in shares now appropriated is attributed to the State Assets Management Institute (IGAPE), which represents the State in all inherent rights, under the terms of the law.
It also says that it was the responsibility of the Ministry of Finance to pay the compensation, when and if due, in accordance with terms of the law.
The statement clarifies that the nationalisation took into account the fact that UNITEL SA was a company with a relevant stake in the telecommunications market in Angola, and was of exceptional public interest to the state given its strategic position in the sector, its industrial value, added technical knowledge, modern technological profile and its reference for the national employment.
The decision considered the fact that legal proceedings were currently pending against part of the shareholders, making it difficult to establish commercial relations, in the domestic and international context, thus deteriorating the company's financial situation.
However, it points out that the decision, in relation to VIDATEL SA, it was taken after all possibilities of agreement with the target shareholder had been exhausted and with the agreement of another shareholder, and therefore appropriation was considered to be the most appropriate, necessary and proportional means of safeguarding the legal situation of the company and guaranteeing the interests of the State.
The statement justifies that regarding GENI SA, the measure emerges by the fact that, among the holders of the company, the beneficial owner is subject to strong restrictive measures at home and abroad, which led to the establishment of sanctions by the US Office Foreign Assets Control.
Hence, the measure related to the nationalisation aims to ensure the necessary decisions for the continuity of the business through a more efficient management model, transparent and aligned with the strategic interest represented by the company.
It adds that this happens due to the fact that there is a need to transfer the shares to the State in order to safeguard the public interest and the continuity of the supply, with quality, of this essential good to the population.
Meanwhile, UNITEL SA keeps its legal nature, becoming part of the public business sector, under the terms of the legislation in force.
Currently, the company has more than 12 million customers. It operates in almost the entire national territory and has a market share of 80%, providing its customers with 2G, 3G and 4G services in most of the provinces.
