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ATA - Tourist season in Durrës/ Entities to benefit from government fiscal incentives
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MAP - Morocco, UAE Discuss in Ajman Means to Strengthen Cooperation in Football
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MAP - IMF Managing Director Congratulates Morocco on its Efforts to Fight Corruption
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CNA - Cyprus and Norway to sign MoU on energy issues
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CNA - Cyprus Shipping Deputy Minister calls for action to maintain competitiveness of European Shipping
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Lisbon, Feb. 21, 2020 (Lusa) – The CEO of Portugal’s largest non-state bank, BCP, has signalled that it will look...
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Lusa - Business News - Angola: Privatisations plan 'test for government, investors' - Lisbon law firm




Lisbon, Aug.19,(Lusa)–An unprecedented privatisation plan launched in Angola last week will be a test for the government led by President João Lourenço and for the mutual trust between it and investors, according to the partner for Angola at Lisbon-based law firm PLMJ.
With the government having unveiled a list of 195 public companies in various sectors whose shares it intends to sell between now and 2022, Bruno Xavier de Pina stressed, a successful implementation of the programme, presented on Tuesday, would have "a great impact on the economy", but investors will have the last word on whether it succeeds.
"It's a great test,” said Pina. “It could go very well and be one hundred percent fulfilled, with the entry of private [investors] in all these companies, but we know that it is very difficult [for that] to happen."
He stressed that the onus is on in the government “and its ability to attract investment” at a time when the economy is struggling.
"It is a matter of interest to investors and, for this to happen, the business environment of Angola has to be consolidated and investors must have confidence in the country," he said, alluding to "a series of issues that will be tested" and reflected in the success or otherwise of the programme, such as currency stability, repatriation of investor capital or an improvement of the health system.
According to Pina, the programme is "essential" for the sustainability of Angola’s economy, which is difficult to imagine "without major private investment across the board."
It is therefore important for the government to "give a signal to the world that the Angolan state is willing to reposition itself in the economy, where it has been very present in various sectors", for the private sector to rise to the challenge.
The government must also trust investors.
"There has to be trust in the interested entities, not least technical and operational,” he explained. “There has to be confidence that the investor [who is] interested will be able to take up its position in the company and, above all, will maintain its viability and growth or its recovery depending on the case" – all of which will be assured by due diligence procedures.
In presenting the programme, Angola’s finance minister, Archer Mangueira, said that a period of "due diligence" on the potential investors in each privatisation process has been defined, and that it is also mandatory to "observe the law against money laundering and terrorist financing."
This is, the PLMJ partner stressed, “normal and is in line with international best practice”.
Recognising that the process is "very challenging for Angola", due to the economic and budgetary difficulties of recent years and "the excessive focus on the oil industry", Pina stressed, however, that "the programme has great potential for attraction" of investors, including from Portugal.
He cited sectors such as hotels, tourism and agriculture, but also industry: "We have certain niche companies with know-how, including in Angola, which can consolidate their presence.”
The 195 public companies listed as part of the privatisation programme were grouped into four large groups, depending on the profile of target investors (major national companies, units of state oil company Sonangol, industrial units in the Special Economic Zone, and other companies and assets). Privatisations can variously be undertaken via public tender, on the stock exchange, via stock auctions and limited competition by prior qualification.
The timetable provides for a phased process, extending to 2022, which is justified by the different degrees of openness to the private sector.
What is certain, according to PLMJ, is that a successful privatisation programme will translate into a "completely new business environment", which would bring an injection of private capital injection and know-how with a "very positive impact" on Angola.
As for the funds raised form the sales, it is too early to make any estimates, Pina said.
"It's a lottery,” he remarked, citing the many factors involved. “There are 195 companies of all kinds, from viable companies to others with difficulties. It is all very variable and it would not be rigorous to estimate or advance a market price for this programme."
Mineral and petroleum resources, telecommunications and information technologies, transport, finance, hotels and tourism, agriculture and industry are the sectors in which the privatisations are to take place.

RCR/ARO // ARO.
Lusa


Agency : LUSA

Date : 2019-08-20 09:23:00







 

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