O jornal Expansion, in its edition this Friday, May 17th, states that the president of the Executive Committee (PCE) of the telecommunications company, Angelo Gamma, publicly assumed that the future of Angola Cables, an entity made up mostly of public capital, is dependent on the growth in business volume and the restructuring of debt, valued at 230 million USD, contracted with the Development Bank of Angola (BDA) and a Japanese bank.
“When investments are heavy, the return is not immediate. But reality shows that our services are used in the daily lives of all Angolans and many African citizens. We have a sovereign guarantee, it's true, and it's also public that our equity is negative. What's the solution? Let us continue to grow. Otherwise, if there is an urgency to honor the entire financing, allow us to renegotiate the debt”, said Ângelo Gama during a meeting with the media held on Wednesday, May 15 in Luanda.
The PCE also said that the company's turnover has grown 20% per year and that by the end of 2024 they expect to double their revenue compared to the turnover levels recorded three years ago. “The growth in profit before paying interest, taxes, depreciation and amortization has also been constant”, assured Ângelo Gama, although Angola Cables’ annual financial reports are not known.
“I am also an employee, I am not the main shareholder, I am merely a responsible collaborator. Everything I do has the approval of my shareholders and they don't allow me to talk about revenue”, explains the person responsible for Angola Cables.
The capital of Angola Cables is distributed as follows: the majority shareholder is Angola Telcom with 51%, while Unitel (31%), MSTelcom/Sonangol (9%), Movicel (6%) and Startel (3%) hold the remaining shares. Currently, 95% of international telecommunications traffic in the country passes through its networks.
