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Angola: privatization of state companies [Business Africa]

Business Africa

The government of Angola has begun a massive privatization drive. Luanda has increased the number of companies up for privatization to 195. A little over a year ago, only 74 companies were listed for the sale. The project which begun at the end of last year is expected to be completed by 2022. Managers of this resource-rich Central African nation have assured that revenues accrued will help finance the economy and develop productive sectors.

Plus, officials in Egypt have issued fresh rules on purchasing stocks. The North African nation is hoping this will support the stock market following a sharp decline in world markets in recent times. Under this new arrangement, listed companies will now be required to give notice to the local stock exchange on the very day they plan to purchase treasury stocks. In the past, the companies were required to give a three day notice period.