Movicel shareholder structure revamped

7 Jul 2021

Angolan private sector investment company GAFP Investimentos e Participacoes (GAFP) has become the largest shareholder in the country’s second largest mobile operator Movicel, with a 38% direct stake, Expansao reports. Furthermore, state-owned fixed line operator Angola Telecom (AT) has retaken the 18% stake in Movicel it previously relinquished. Movicel owes significant debts to AT, which had threatened to cut off interconnection with the cellco, and the share deal forms part of a planned solution to the company’s financial problems, with several international carriers having already ceased providing services to Movicel due to unpaid dues.

Additionally, AT’s part-owned satellite subsidiary Infrasat has been issued a 12% stake in Movicel. GAFP owns a 30% share in Infrasat, acquired in 2017.

Two other existing indirect Angolan state-held stakes in Movicel have remained unchanged in percentage terms: namely those held by Angola’s social security institution, Instituto Nacional da Segurança Social (INSS, 25%) and National Post & Telegraph of Angola (Empresa Nacional de Correios e Telegrafos de Angola, ENCTA, 2%).

Prior to the latest capital injection and share redistribution plan, the largest (38%) Movicel stake was owned by Angolan investment firm Lello, reportedly linked to General Leopoldino do Nascimento (‘General Dino’), an adviser to former president Jose Eduardo dos Santos. General Dino and Helder Vieira Dias Junior (‘General Kopelipa’) were forced to return certain assets to the state last year and have been investigated on suspicion of benefitting from the dos Santos regime’s dealings with China International Fund.

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