Unitel Launches IPO as Part of Angola Privatization Drive

The Angolan government's ProPriv privatisation programme has moved forward with the launch of an initial public offering by Unitel, the country's largest telecommunications operator. Starting July 6, the company began selling a 15% stake via the Bolsa de Dívida e Valores de Angola (BODIVA), offering 7.5 million ordinary shares. One million of these shares are reserved for employees, while 6.5 million are available to the general public.

Shares are priced between 36,036 kwanzas ($39.49) and 40,040 kwanzas, with a par value of 5,000 kwanzas each. The offering period concludes on July 24, with trading expected to commence around July 29. Unitel will be the first telecommunications company listed on the Angolan stock exchange. The company reported a net profit of 158 billion kwanzas for the 2025 financial year and intends to use the capital market transition to improve corporate governance and invest in 5G connectivity.

This strategic move follows a broader effort by President Joao Lourenco to reduce state control over strategic industries. It specifically follows the nationalization of a 25% stake previously held by Isabel dos Santos, who faced allegations of misappropriating funds. The government aims to use the ProPriv programme to encourage private investment and remove influential figures associated with the previous administration.