INSS became the majority shareholder of Movicel with 51% of the capital through the company's capital increase of around Kz 1,79 billion, which makes the operator go from a value of Kz 445.733 million to Kz 2.234.801.074. This administrative act reflects the capital inflows that took place in 2021, at a time when it was necessary to inject money to keep the company in business.
In this process, a new partner emerged, GAFP represented by economist Francisco Cristóvão, who took 33% of Movicel's capital and was positioned to be the company's new investor. This never happened, since it did not accompany the capital increase, and in the new structure it had a residual position. At the time, the INSS accompanied the company's needs within its proportion of share capital, having invested around 1,24 billion kz in Movicel.
During the two years that followed there were numerous management problems, many administrative acts were not recorded in the minutes and notary, and now the pressure of a possible sale to an African telecommunications operator meant that all these administrative issues had to be resolved quickly. That is why the company's capital increase was formalized at the 1st Notary Office of Luanda on June 23rd, published in the III series of the Diário da República nº 116 of June 26th, which did not imply the entry of capital, but only the formalization of supplies that had meanwhile been made.
And in this new “arrangement” the INSS becomes the majority shareholder with 51% of the share capital, Angola Telecom takes 24%, Infrasat ceases to be part, with the remaining capital being spread across Lisa Pulsaris, SA, Chitronics Investimentos and Novatel Investment, SA, which subscribed to the capital increase in proportion to their shareholdings, Lello, SA, which subscribed only a small part of the increase and reduced its shareholding in the share capital, ENCCTA, EP, which subscription carried out by deducting the institutional debt that Movicel has with INACOM. These are joined by IPANG and Movicel Telecomunicações SA (holder of own shares).
Negotiations for the sale of 51% of Movicel to an African operator also influenced the current shareholders to remain in the company, as everyone believes that investment in telecommunications is quite profitable if it has proper management, which they hope will happen in the company with the entrance of the foreign group. In this regard, remember that all these administrative arrangements are necessary for the deal to be done, at least the stakeholders heard by Expansão are optimistic, and it is expected that everything can be completed later this year.
The advantage that the operator has is its infrastructure, which despite being mostly stopped, can quickly return to ensuring effective national coverage for Movicel. According to what Expansão found, USD 100 million is needed to effectively cover the country's five main consumption centers – Cabinda, Luanda, Benguela and Lubango – and a further USD 50 million to commercially relaunch the company.
Regarding debts to the State and suppliers, the one with the regulator has already been resolved, and in the remaining cases there is a position of flexibility and patience on the part of those involved. Remember the words of a source from the Ministry of Telecommunications involved in the negotiations, who told Expansão in July that “with regard to debts to the State, I can inform you that this will never be a problem to leverage Movicel. Regarding the other debts to several suppliers, we can help to renegotiate, which, in fact, we have done, since we managed to freeze several coercive executions at this stage so that the operator would not stop”.
