Africa’s Richest Woman Plans To Increase Stake in Unitel

Africa’s Richest Woman Plans To Increase Stake in Unitel

From Forbes

Africa’s richest woman, Isabel dos Santos, plans to increase her stake in Unitel, Angola’s largest mobile phone company.

According to a report by Portuguese newspaper, Publico, dos Santos (who already owns 25% of Unitel) and the other Angolan shareholders of the firm, which include Angola’s national oil company Sonangol, recently sent a letter to Portugal Telecom  informing them that they plan to exercise their right to buy the Portuguese company’s shares in the Angolan mobile telecom giant. Portugal Telecom owns 25% of the Angolan mobile network, Unitel, held via a holding company called PT Internacional.

In October last year, Oi SA, Brazil’s biggest phone company, agreed to merge with Portugal Telecom to create a behemoth trans-Atlantic carrier, but in the letter dos Santos and other Angolan shareholders sent to Portugal Telecom, they  claim that PT Internacional violated a shareholders’ agreement in the process of signing a merger agreement with Oi, and argued that they have a right of first refusal to acquire PT’s stake in the event of a change in ownership, and that the company’s merger with Brazil’s Oi triggers that clause. Portuguese bank BPI recently valued PT’s stake in Unitel at 930 million Euros ($1.3 billion).

Read more at Forbes