Africa-Press – Angola. Sonangol’s representative for the financial market, Denise Jacinto, considered, this Friday, in Luanda, that there was greater flexibility in raising funds abroad in relation to the domestic market.
The observation comes after the national oil company issued, for the first time, bond debt on the domestic market, totaling seven million and 500 thousand with an initial nominal value of Kz 75 billion, which rose to Kz 83.95 billion due to the search.
This value represents less than 2% of the company’s annual investment needs.
“The Angolan market still has a lot to grow. The issue of raising funds abroad and in the country is flexibility”, said the person responsible, highlighting at the same time that there is a need for more “compliable” regulation in relation to the international financial market.
According to Denise Jacinto “we feel in this process that the rigor ends up being greater in Angola”.
In terms of financial reporting, for example, as one of the requirements of international banks, he said that external partners end up being more flexible in understanding that Sonangol is a public company.
“(…) although they need our financial reports in advance, they can understand that it is not an easy process as it is a public company”, he reinforced.
In this process, one of the difficulties highlighted by the person responsible was linked to the company’s financial reporting.
It is known that Sonangol has only reported accounts on an annual basis and, during the process, “we felt the need for a quarterly report”.
Despite the challenges experienced in this process of launching the bond debt, Denise Jacinco stated that the process went “well”, with teamwork being essential.
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