The chairman of the board of Sonangol said today that the oil company is keeping its plan to go public, but is not expected to move forward with privatization before the conclusion of the Privatization Program (PROPRIV), which ends this year.
Gaspar Martins, speaking at a press conference in Luanda, assured that the company remains committed to the operation: “We are maintaining the IPO program.”
“What we must bear in mind is that, for this to happen, there is a set of conditions that must be materialized,” he added, acknowledging that those conditions have not yet been met, meaning the operation will fall outside the government’s privatization program scheduled to be completed by the end of this year (PROPRIV 2023–2026).
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The executive added that Sonangol still intends to float up to 30% of its capital in phases, but indicated that the timetable will depend on the creation of the necessary conditions.
“When we go to the stock exchange — and we say the free float will be up to 30% of the capital — we continue to think of doing it in phases, but without it being possible to finalize all the conditions during this program, which will now end in 2026,” he concluded.
