Angola is selling a stake in the country's largest insurer this year, as the oil-producing nation moves ahead with a privatisation programme to raise cash and diversify the economy, according to a Bloomberg report.
The disposal of a stake in state-owned insurer ENSA-Seguros de Angola is currently in progress, Angolan Minister of State for Economic Coordination Jose de Lima Massano said.
“We’re moving ahead with our privatisation plan,” he said in an interview in the capital, Luanda. “Our goal is to build a market-based economy.”
The insurer is among almost 200 state-owned firms and assets the government initially earmarked for disposal in 2019. Some of the sales were delayed because of the COVID-19 pandemic.
Earlier this month, the government said that it would reduce its holdings in ENSA, Standard Bank and the Angolan Debt and Securities Exchange (BODIVA) by November this year. The information was published on the Angolan government website. It plans to sell 30% of its stake in the insurer.