Angola to sell up to 10% of TAAG and update the national carrier's fleet

Angolan govenment authorized the partial privatization of up to 10% of the capital in national carrier TAAG to other airlines, domestic or foreign.

TAAG was also valued at US$2.26 billion, represented by 2,000 million common shares.

At least 51% of the share capital will remain with the state, said the decree. A 10% limit is also allocated to workers and pensioners.

In case of a capital increase, it is expected that the shares to be issued "will always be registered and the participation of the state, directly or indirectly, be a majority."

"The remaining shares of the capital subscribed by the State, owned by the public domain may be intended for sale to commercial banks and to trading on the capital markets."

Other registered shares "are subscribed by the Sovereign Development Fund of Angola, representing 20% of the share capital, of which 10% may be intended for sale to airline management partners and technology partners in civil aviation."

In regards to fleet updates, the carrier plans to acquire aircraft to replace its older fleet. TAAG is looking to acquire 11 aircraft from 2019, including B787s.

The purchase is expected to be firmed in 2020.