Portuguese Unitel stake available for sale

11 Aug 2014

Portugal Telecom’s (PT’s) 25% stake in Angola’s largest mobile operator Unitel is among ‘assets available for sale’ listed in a quarterly report submitted to Brazil’s Securities Market Commission by Brazilian operator Oi, which is in the process of merging with PT. An article in Portuguese newspaper Jornal de Negocios said that Oi/PT are in negotiations with unnamed parties on how to divest the Unitel shareholding. As reported by MacauHub, Oi indicated that the PT group had received no dividends from Unitel since 2013 and that the stake’s fair value was around USD1 billion. TeleGeography notes that PT owns a 75% stake in holding company Africatel, which in turn owns 25% of Unitel, with three other Angolan shareholders MSTelcom, Vidatel and Geni each owning 25% stakes, while the largest individual shareholder (with direct and indirect stakes in at least three of the aforementioned entities) is billionaire businesswoman Isabel dos Santos, the daughter of Angolan president Jose Eduardo dos Santos.

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