Movicel privatised

31 Jul 2009

Angola’s Council of Ministers has approved the privatisation of an 80% stake in the country’s second largest mobile network operator Movicel, with shares to be distributed to five private companies for an undisclosed amount, according to a government statement. Currently wholly state-owned, Movicel shares will be sold to the following companies: Porturil (investments, 40%), Modus Comicare (communications, 19%), Ipang (paper industry and derivatives, 10%), Lambda (investments, 6%) and Novatel S.A. (5%), whilst the remainder will be held by incumbent state-run fixed line operator Angola Telecom (18%) and national postal operator Correios Telegrafos de Angola (2%).

Angola, Angola Telecom (AT), Movicel (Angola)