Africa-Press – Angola. The President of the Republic, João Lourenço, decreed the appropriation, through nationalization, of the shares held by VIDATEL LIMITED and GENI SA in the share capital of UNITEL SA, corresponding to 25 percent each.
According to the official page of the Presidency of the Republic on Fecebook, the appropriate actions through this diploma are considered transmitted to the State, regardless of any formalities, free of any encumbrances or charges, being enforceable against third parties after registration.
It also refers that the management of the participation now appropriated is attributed to the Instituto de Gestão de Activos do Estado (IGAPE), which represents the State in all inherent rights, under the terms of the law.
It also emphasizes that the ministerial department responsible for Public Finance is responsible for the payment of compensation, when and if due, under the terms of the law.
The note states that the nationalization took into account the fact that UNITEL SA is a company with a relevant share in the telecommunications market in Angola, which is of exceptional public interest for the State given the strategic position of the sector, its industrial value, the aggregate technical knowledge, modern technological profile and its reference in national employability.
The decision took into account the fact that, at the moment, there are pending lawsuits against part of the shareholders, thus hindering the establishment of commercial relations, in the domestic and international context, thus deteriorating the company’s financial situation.
However, it emphasizes that the decision, in relation to VIDATEL SA, was taken after all possibilities had been exhausted in agreement with the target shareholder and with the agreement of another shareholder. Thus, appropriation was considered the most adequate, necessary and proportional means to safeguard the company’s legal situation and guarantee the State’s interest.
With regard to GENI SA, the measure is justified by the fact that, among the holders of the company, the beneficial owner is subject to strong restrictive measures at home and abroad, which led to the establishment of sanctions by the US Office Foreign Assets Control (Office of the United States of America Control of Foreign Assets).
Hence, the measure (nationalization) aims to ensure the necessary decisions for the continuity of the business through a more efficient, transparent management model aligned with the strategic interest represented by the company.
This fact results from the need to transfer the shareholdings to the State with a view to safeguarding the public interest and continuity of supply, with quality, of this essential good to the population.
UNITEL SA maintains its legal status, becoming part of the public business sector, under the terms of the legislation in force.
The company currently has more than 12 million customers. It operates across almost the entire length of the national territory and occupies a market share of 80%, providing its customers with 2G, 3G and 4G services in most provinces.
For More News And Analysis About Angola Follow Africa-Press
