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Banking, energy and telecommunications concentrate Angolan investment

Angola’s direct investment in Portugal is concentrated in the banking, energy and telecommunications sectors, largely through Angolan businesswoman Isabel dos Santos, who owns Efacec and is a shareholder of the operator NOS.

The President of Angola holds a visit to Portugal between November 22 and 24, which includes a session in the parliament and a ceremony in the Jeronimos on the first day.

Portugal has been investing Angolan investment in recent years, with the majority concentrated in the energy, banking and telecommunications sectors. The media sector has become a bet, but in recent years Angola’s investment in this area has reduced its exposure.

In the energy sector, Sonangol holds an indirect stake in Galp Energia, through Amorim Energia. This is because the Angolan oil company controls Esperanza Holding, which, together with the Amorim group, owns Amorim Energia, which owns 33.34% of Galp Energia.

Angolan businesswoman Isabel dos Santos, daughter of the former head of state, has a stake in Esperanza Holding, and the position is unknown.

In the bank, Sonangol holds 19.49% of BCP, according to the data available on the Portuguese bank’s website for June 30.

Among Angola’s investments in Portugal, the most visible are those of Isabel dos Santos, who in October 2015, through the company Winterfell Industries, acquired a majority of the capital of Efacec Power Solutions, which operates in the areas of engineering, energy and mobility, but their interest in the Portuguese market comes from further.

In recent years, Isabel dos Santos has strengthened its ‘shareholder position’ in the Portuguese market, particularly in sectors such as telecommunications, where it has a stake in NOS – still tried to buy PT SGPS, currently Pharol, when on November 9, 2014, through Terra Peregrin, launched a Public Tender Offer (OPA) on all shares for 1.21 billion euros.

It all started on December 20, 2009, when the businesswoman, through Kento Holding Limited, got 10% of ZON Multimédia. In May 2012, Unitel International Holdings B.V. acquired 19.24% of the operator, in the context of transactions that had as a scenario a possible merger with Sonaecom’s Sonaecom Optimus.

In December 2012, Sonaecom and Isabel dos Santos made public the merger, which would give rise to NOS, a ZOPT-controlled operator, which is owned by the Angolan businesswoman and the Portuguese group led by Paulo Azevedo.

The businesswoman is still the largest shareholder of EuroBic, controlled by BIC Angola, and holds 42% of the capital, after having bought a part of the capital that belonged to businessman Américo Amorim.

The deceased Portuguese entrepreneur was, between 2005 and 2010, the great business partner of the eldest daughter of José Eduardo dos Santos, both in the financial area (through BIC bank) and in Galp Energia.

Angolan investments also extend to the media sector, with a 19.25% stake in Global Media, and the sports sector, namely Sporting, with Holdimo, led by businessman Álvaro Sobrinho, to hold 30% of actions.

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