en.Wedoany.com Reported - Angolan telecom operator Unitel launched its initial public offering process on Monday (July 6), planning to list 15% of its capital on the Angola Debt and Securities Exchange (BODIVA), and has held roadshows to introduce transaction details and participation methods to investors.

The listing has been approved by the Capital Markets Commission (CMC) on July 1. Unitel will sell 7.5 million ordinary shares on BODIVA, representing 15% of the company's capital, with a par value of 5,000 kwanzas (approximately $5.45) per share. Angola's stock market regulator also stated that it plans to trade all 50 million shares of Unitel (representing the company's total registered capital) on BODIVA.

The Angolan government approved the listing plan for Unitel to sell 15% of its capital in August 2024, as part of the state-owned enterprise privatization program (PROPRIV) launched in 2018. President João Lourenço has signed a decree reserving 2% of Unitel's shares for company employees to purchase under special conditions.

Unitel was nationalized in October 2022, after the government confiscated shares held by Isabel dos Santos, daughter of former President José Eduardo dos Santos, and her close associate General Leopoldino Fragoso do Nascimento. The Angolan Institute for State Assets and Participations Management (IGAPE) currently holds 50% of Unitel's shares confiscated from the dos Santos family, while the other half is controlled by state-owned oil company Sonangol.

The listing is expected to improve the governance of Unitel, which serves approximately 21 million users, and raise funds for its development, technology investment, and service improvements. According to data from the Angolan Communications Institute (INACOM), the company's market share in Angola's telecom sector reached 74% in 2024.