Angola’s government started selling shares in Unitel on July 6, 2026. The state expects to raise 300 billion kwanzas from the sale. This marks the first time a telecommunications company has listed on Angola’s stock exchange.
The government is offering 7.5 million shares. This represents 15% of Unitel’s total share capital. The share price ranges from 36,036 to 40,040 kwanzas per share. Trading on the BODIVA exchange should begin around July 29. The offer runs until July 24, with final results due on July 27.
Unitel employees get special access. One million shares, or 2% of the company, are reserved for workers. The remaining 6.5 million shares go to the general public. Any Angolan citizen or foreign resident with a local tax number and bank account can apply.
From State Takeover to Public Offering
The path to this IPO started in October 2022. That is when Angola nationalised the 25% stakes held by businesswoman Isabel dos Santos and General Leopoldino Fragoso do Nascimento. The government took full control of Unitel through the state asset management institute IGAPE and the oil company Sonangol.
President João Lourenço signed a decree in August 2024 authorising the privatisation. The government set aside 2% of the shares for employees under special conditions. The privatisation forms part of Angola’s broader PROPRIV program running from 2023 to 2026.
Isabel dos Santos lost a legal battle against Unitel in 2024. A London court dismissed her appeal against an order freezing up to £580 million of her assets. The company accused her of failing in her duties as a director and enriching herself at Unitel’s expense.
Unitel’s Strong Financial Performance
Unitel entered the capital market with impressive numbers. The company posted a net profit of 158 billion kwanzas for the 2025 financial year. Total assets reached 1.42 trillion kwanzas by December 2025, a 13.4% increase from the previous year. Net profit grew 59.3% compared to 2024.
Amílcar Safeca, chairman of Unitel’s Executive Committee, told investors that the company maintains a robust financial position. He said the company’s fundamentals show a resilient business model and the ability to create sustained value.
Unitel serves more than 21 million customers across Angola. The company plans to use the IPO proceeds to expand 5G coverage, improve network quality, and grow digital financial services. Safeca emphasised that going public requires more discipline and better corporate governance.
A Milestone for Angola’s Capital Market
This IPO stands as the largest public offering in Angola’s history. It surpasses the Banco Angolano de Investimento offering in 2022, which raised just over 120 billion kwanzas. Until now, only financial sector companies have traded on Angola’s stock exchange. Unitel becomes the first telecommunications firm to list.
Álvaro Fernão, chairman of IGAPE, said the Unitel offering demonstrates the growing maturity of Angola’s capital market. He noted that the sale proves Angola can now integrate companies from different sectors with high standards of credibility and transparency.
The government sees this as a concrete step toward democratizing access to capital. Ordinary citizens, employees, and institutional investors can now directly participate in Unitel’s future. Fernão called on financial operators to continue developing solutions that mobilise national savings and strengthen the capital market.
Angola’s Push for Private Sector Growth
The Unitel IPO fits into Angola’s wider effort to reduce state control over the economy. The government aims to make the private sector the main driver of economic growth. Since launching PROPRIV in 2019, Angola has pursued a structured process of reorganising the state’s role in the economy.
The privatisation program includes selling stakes in other major state assets. These include the national oil company Sonangol and the diamond company Endiama. The government also recently sold a 29.75% stake in Banco de Fomento de Angola through a separate IPO.
Ottoniel dos Santos, Angola’s Secretary of State for Finance and Treasury, told reporters the privatisation program is entering its final phase. He confirmed that Unitel would be listed in the first quarter of 2026. The government expects the IPO to attract strong demand from individual, corporate, and institutional investors.
Unitel currently has three shareholders: IGAPE, Sonangol, and soon the public. Through this offering, millions of Angolans can become part owners of the country’s largest telecom operator. The government’s remaining stake will stay under state control for now.
