Angola raises more than $300 million in oversubscribed…
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Angola raises more than $300 million in oversubscribed Unitel IPO
This Reuters article by reporter Miguel Gomes got me thinking. The thing that I found most impressive here, apart from the fact that there was a 120% subscription rate, meaning that there were more buyers than shares available, was that just four years ago, fifty percent of Unitel was owned by two corporations that acted as holding companies for individuals with deep connections to the government:
* Vidatel (25%): Owned entirely by Isabel dos Santos, the daughter of the former president.
* Geni Holding (25%): Controlled by General Leopoldino "Dino" Fragoso do Nascimento, a prominent general and top security official under the previous administration.
After rising to power, current President Joao Lourenco ​pushed aside these powerful figures, nationalised the 50% stake, and re-privatized the company on the open market, making money for the Angolan economy instead of letting a national asset help line the pockets of the elite.
There's much that can be said about Lourenco and his style of leadership, but this is really positive in my eyes.
#local
source
This Reuters article by reporter Miguel Gomes got me thinking. The thing that I found most impressive here, apart from the fact that there was a 120% subscription rate, meaning that there were more buyers than shares available, was that just four years ago, fifty percent of Unitel was owned by two corporations that acted as holding companies for individuals with deep connections to the government:
* Vidatel (25%): Owned entirely by Isabel dos Santos, the daughter of the former president.
* Geni Holding (25%): Controlled by General Leopoldino "Dino" Fragoso do Nascimento, a prominent general and top security official under the previous administration.
After rising to power, current President Joao Lourenco ​pushed aside these powerful figures, nationalised the 50% stake, and re-privatized the company on the open market, making money for the Angolan economy instead of letting a national asset help line the pockets of the elite.
There's much that can be said about Lourenco and his style of leadership, but this is really positive in my eyes.
#local
source
| 3,000 mlx | |
| 4 | |
| 0 |