Angolan Government Sells Majority Stake in Movicel

The Angolan government has announced the sale of 80% of the country's second largest phone company, Movicel to several companies in one of the country's biggest post-war privatisations. The Reuters news agency noted though that the price paid and nationality of the buyers was not disclosed.

In a statement, the government said that Porturil-Investments will buy 40 percent of Movicel, Modus Comicare-Comunicacoes e Imagem Lda will hold 19 percent and I pang-industria de Papel e Derivados will own 10 percent.

Lambda-Investment, another private company, will buy 6 percent while Novatel will hold 5 percent. State-owned firms Angola Telecom and Correios Telegrafos de Angola will retain the remaining 20 percent.

According to estimates from the Mobile World analysts, Movicel ended Q1 '09 with just over 2.7 million subscribers, representing a market share of 35.5%. The market leader is Unitel with just under 5 million subscribers. The country has a population penetration level of 60%.

On the web: The Mobile World - Reuters

Posted to the site on 31st July 2009