The government of Angola has initiated plans to sell the 51% stake it indirectly holds in telecommunications firm Net One.

Last Friday, the Angolan Institute of Assets and Participations of the State (IGAPE) officially opened a tender limited by previous qualification to sell the government’s stake.

IGAPE said the government is choosing to achieve privatisation of the telecommunications firm and that the process is guided by Law No. 10/19 of 14 May - Law of Privatisation Bases.

It held that the process is open to national and international investors, and interested parties must submit applications on or before 25 June 2021.

Net One is jointly owned by the Angolan government through MS Telecom SA and Mitrelli, an Isreali group.

IGAPE aims to privatise and/or dispose the stakes held by the Angolan government in a number of tech companies including Unitel, MS Telecom, Angola Comunicações e Sistemas (ACS), Angola Telecom and Angola Cables.

The Net One stake sale is part of a broader plan that is being implemented by IGAPE whose mandate in this regard is being guided by the Privatisation Program (ProPriv) 2019-2022.

The deadline for the completion of the exercise is in 2022 and cuts across numerous businesses within several sectors and industries..

The government said by lowering its current "towering presence" in these sectors, it will be able to raise more funds and attract additional expertise to the country.

Founded in 2009, Net One is a major player in Angola’s telecoms sector and its services have been targeted at the B2B and B2C segments. Provision of internet access and voice over internet protocol are at the core of Net One’s core business segments.