Angola Raises $329 Million Through Oversubscribed Unitel Share Sale

LUANDA — Angola has raised 300.3 billion kwanzas, approximately $329 million, by selling a 15% interest in Unitel, the country's largest telecommunications operator.

The Government sold 7.5 million shares at a final price of 40,040 kwanzas each, the upper end of the published range. Investor applications reached 362.1 billion kwanzas, producing a subscription rate of 120.72%.

A total of 18,571 orders were submitted during the offer period from 6 to 24 July, of which 17,549 were accepted. Trading in Unitel shares on Angola's BODIVA stock exchange is scheduled to begin on 29 July.

Unitel has more than 21 million customers and is one of Angola's most important commercial enterprises. The listing gives institutional and individual investors an opportunity to own shares in a business that had previously remained under state control.

The share sale forms part of Angola's wider attempt to reduce the state's direct role in the economy, attract private capital and deepen its domestic financial markets. BODIVA recorded its first company flotation only in 2022, meaning the country's public-equity market remains relatively young.

The level of demand suggests strong investor interest, but an oversubscribed offer does not guarantee continued share-price growth after trading begins. Unitel's performance will depend on competition, regulation, infrastructure investment, consumer spending and the quality of its management.

The transaction also raises questions concerning transparency and public accountability. Investors will expect timely financial reporting, independent governance and clear disclosure of the company's operating and investment risks.

Unitel's ownership history has been politically sensitive. A 25% interest once linked to Isabel dos Santos, daughter of former president Jose Eduardo dos Santos, was nationalised as President Joao Lourenco moved to reduce the influence of figures associated with the previous administration.

For Angola, the flotation is about more than the money raised. It is also a test of whether the country can develop a credible stock market through which businesses obtain long-term capital and citizens participate more directly in national companies.

The wider economic benefit will depend on whether proceeds are managed transparently and whether Unitel continues investing in network quality, affordability and digital access.