NEWS

Caiado Guerreiro assists client in major Angolan privatization

Baobab Cotton Group, a client of Caiado Guerreiro, won one of the largest privatizations in Angola through a public tender, with the assistance of Caiado Guerreiro’s lawyers.
The public tender dealt with the privatization of 13 industrial units in the Special Economic Zone (ZEE) in Viana, making the country raise about $ 3.5 billion through the award of contracts. 30 companies were involved in the tender, of which the companies in the textile industry, África Têxtil (in Benguela) and Comandante Bula (Kwanza Norte), units valued at $500 million, were awarded to Baobab Cotton Group.

Caiado Guerreiro’s team, led by João Caiado Guerreiro, Sandra Jesus and Paulo Costa, was responsible for all the process related to the public tender and for all the preparation and document review involved in the transaction, in addition to the analysis and advisory work in all steps of the process. “We are very satisfied with the results obtained. It is gratifying to have Caiado Guerreiro associated to a transaction of this importance and dimension and, above all, to be able to deliver to our clients the results expected by them”, says João Caiado Guerreiro, on behalf of the team.

This public tender follows the privatization process of Sonangol, which until now, had already 25 public tenders launched. From the two tenders already awarded, a revenue of about 23 million Euros has been generated. In the words of Osvaldo João, Secretary of State for Finance and Treasury, the Angolan government hopes that these privatizations will contribute to the revitalization of the production units and thus recover the weakened economies. According to him, the Baobab Cotton Group, based in Zimbabwe, has shown that it has the technical and financial capacity to take responsibility for the management of the two textile units, having therefore won two of the large companies that have contributed to the growth of the confectionery industry in Angola.

posted in November 25, 2020