Angola’s state asset privatisation programme, Propriv, has raised 671.9 billion kwanzas from the disposal of 119 assets, with three months remaining before its final deadline of 31 December 2026, according to calculations by Expansão based on data from the Institute for State Asset and Shareholding Management (IGAPE).
Launched in August 2019 with an original four-year lifespan covering the 2019–2022 period, Propriv was subsequently extended to 2026 to allow processes that had not been completed on schedule to run their course. The programme’s stated objectives are to reduce the footprint of the State-Owned Enterprise (SOE) sector in the economy, improve the quality and range of services available to the population, and ensure the financial self-sustainability of the programme while generating a positive impact on national treasury liquidity.
IGAPE’s official figures point to the sale of 121 assets through September, with total receipts of 1.1 trillion kwanzas. The discrepancy between the official tally and the Expansão calculation reflects the exclusion of two transactions that the publication does not classify as straightforward Propriv disposals. The first is a swap arrangement under which Sonangol transferred its 31.78% stake in Puma Energy to commodities trader Trafigura in exchange for receiving Pumangol, generating no cash proceeds. IGAPE has nevertheless assigned a value of 396.4 billion kwanzas to this transaction, which inflates the total receipts figure attributed to the programme.
The second excluded transaction involves Jasmin Shipping Company, Limited, a 35% stake held by state oil company Sonangol and valued at 24.9 billion kwanzas. That privatisation, which took place in 2022, did not generate any direct cash inflows: it was instead executed through a debt-offsetting mechanism between Sonangol and the investee company, making it structurally different from a conventional asset sale.
With roughly 76 assets originally targeted remaining unresolved relative to the programme’s initial ambition of 195 companies, Propriv is set to close out 2026 with its scope materially reduced from the original blueprint, even as the government has counted the programme’s receipts — including non-cash transactions — at nearly double the cash-based figure calculated independently by Expansão.
Source: Expansão / Original article: http://expansao.co.ao/angola/detalhe/a-tres-meses-do-fim-do-prazo-propriv-rendeu-672-mil-milhoes-kz-com-alienacao-de-119-activos-74987.html
