Source: Technext
Angola’s telecommunications giant, Unitel, is reportedly preparing for an Initial Public Offering (IPO) in 2024. This strategic move by the Central African nation aims to stimulate economic growth and attract foreign investment into the country.
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An IPO, or initial public offering, entails the offering of shares of a private company to the public for the first time. Through an IPO, companies can raise equity capital from public investors. Essentially, an IPO involves the process of making shares of a privately-held corporation available to the public via a new stock issuance. This process enables companies to procure capital by offering shares through the primary market.
Unitel on the other hand is an Angolan mobile phone company which was established in 2001 as a joint-stock company. The company was previously owned by Oi and Helios (through Africatel), Angolan state-owned oil company Sonangol and local firms like Geni Holding (through Mercury), and Vidatel.
However, In October 2022, Angolan President João, Lourenco issued a decision finalising the nationalising of Unitel. Unitel operates a network based on GSM and UMTS standards and provides voice communications, text (SMS) and multimedia (MMS) messages, and mobile internet access.
Now, as the largest telecommunications company in Angola, Unitel is a cornerstone of the country’s communication infrastructure and the upcoming IPO is expected to have far-reaching implications for the nation’s economy and for investors eyeing the burgeoning Angolan market.
Explicit details surrounding the development are not available yet as information regarding the size of the offering, the valuation of the company, and the exact timing within 2024 have not been disclosed.
However, as the move is intended towards diversification and sustainability, it could be said that Angola is preparing to become an attractive destination for foreign investment.
For potential investors, the Unitel IPO presents an opportunity to participate in the growth of Angola’s telecommunications industry while supporting the country’s efforts to enhance its business environment.
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Source: Technext
