Multitel IPO scrapped; public tender for 90% stake launched instead

27 Jul 2021

Angolan president Joao Lourenco signed a decree on 20 July 2021 repealing a previous decree of December 2020 which had aimed to launch an initial public offering (IPO) of state-held shares in B2B broadband operator Multitel. In place of the scrapped IPO, the new decree authorises the privatisation by public tender of 90% of Multitel’s capital. As reported by Agence Ecofin, Lourenco explained that the change of sale method was because Multitel ‘does not meet the necessary conditions’ for launching an IPO. TeleGeography’s GlobalComms Database notes that the Angolan state holds its 90% stake in Multitel indirectly through national oil company Sonangol (via legacy holding company PT Ventures, 40%), Angola Telecom (30%) and Bank of Commerce & Industry (20%).

Angola, Angola Telecom (AT), Multitel