The Privatization Framework Law (Law No. 10/19, of 14 May 2019) came into force on 14 May 2019. This new statute is part of the reforms being implemented in Angola to stimulate the economy and create conditions to increase private sector participation. The main characteristics are as follows:

1. Scope: it applies to the privatization of State-owned companies, sale of equity interests held by the State or any other public entities, and the transfer of exploration rights over the means of production previously barred to private initiative due to public interest;

2. Privatizations: the list of companies and assets to be privatized will be included in a privatization program to be approved by the President of the Republic;

3. Process: the competent entities need to carry out the following steps prior to a privatization: (a) take the decision to privatize; (b) carry out an evaluation of the State-owned company or asset to be privatized; (c) choose the type of privatization; and (d) transform the State-owned company to be privatized into a joint-stock company;

4. Modalities: privatizations can be concluded by means of: (a) disposal of shares; (b) capital increase; (c) disposal of assets; and (d) assignment of exploration and management rights; and

5. Procedures: privatizations must be implemented either through a public tender, a limited tender by prior qualification or a public offer on the stock exchange.

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