Angolan private sector investment company GAFP Investimentos e Participacoes (GAFP) has become the largest shareholder in the country’s second largest mobile operator Movicel, with a 38% direct stake, Expansao reports. Furthermore, state-owned fixed line operator Angola Telecom (AT) has retaken the 18% stake in Movicel it previously relinquished. Movicel owes significant debts to AT, which had threatened to cut off interconnection with the cellco, and the share deal forms part of a planned solution to the company’s financial problems, with several international carriers having already ceased providing services to Movicel due to unpaid dues.
Additionally, AT’s part-owned satellite subsidiary Infrasat has been issued a 12% stake in Movicel. GAFP owns a 30% share in Infrasat, acquired in 2017.
Two other existing indirect Angolan state-held stakes in Movicel have remained unchanged: namely those held by Angola’s social security institution, Instituto Nacional da Segurança Social (INSS, 25%) and National Post & Telegraph of Angola (Empresa Nacional de Correios e Telegrafos de Angola, ENCTA, 2%).