Sonangol takes 50% of Unitel and has the power to appoint the new president

Sonangol takes 50% of Unitel and has the power to appoint the new president

DR

Sonangol announced yesterday the purchase of the totality of PT Ventures SGPS SA, a company hitherto indirectly owned by the Brazilian company OI and it now has the power to appoint the future Chairman of the Board of Directors of Unitel.

The company's statement that said the acquisition involved an initial payment of $699 million and a deferred payment of $240 million. According to the oil company, the main objective of this acquisition is to allow the stabilization and normalization of the activities of Multitel and Unitel, considering the strategic importance of the latter for Angola, as it is the largest provider of mobile networks in the country, holding a share 80% of the mobile and data communications market, and is one of the largest private employers in the country.

PT Ventures is a company governed by Portuguese law, holding shares in two Angolan companies, namely Multitel - Serviços de Telecomunicações Lda (40%) and Unitel SA (25%).

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