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Wed, 12 Aug 2020 17:31 - Updated Wed, 12 Aug 2020 17:31

Amended Public Business Law introduces golden shares figure

Luanda - The amendment made to the Basic Law of Public Business Sector, approved on Tuesday by the parliament, introduces the figure of "golden shares", to allow the State to safeguard strategic interests in various companies without harming their operation.

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The golden shares" or "privileged shares", is a figure based on respect for private initiative and the State's dismissal from the enormous weight of the public business structure, but also on the essential need to maintain a certain degree of intervention due to the strategic importance of companies for the economy and for the satisfaction of essential needs.

Speaking to the press, the Minister of Finance, Vera Daves, considered the amendment to the law to be punctual, in order to include this figure, in view of the current trend to reduce the presence of the State and other public entities in the economic scenario, such as the one occurring with the implementation of the Privatisation Programme for the period 2019-2022.

According to the Minister, the law creates a window that will only be used in specific companies and sectors and whenever there is the need, not in an abusive way, for them to continue to keep the lively appeal of living with private investment.

In the meantime, the ruling MPLA MP Salomao Chirimbimbi said the approval of this mechanism will allow the State or other public entities to pass on corporate control, intervening in the strategic social sector of the national economy.

In his turn, the MP of the coalition CASA-CE, André Mendes de Carvalho, said his parliamentary group voted against the amendment because it does not stimulate private investment, taking into consideration that the State has other ways to defend the public interest.

For the MP of largest opposition UNITA Amilcar Culela, his party has always advocated a more realistic economy, not based on the capitalist system, based on oligopolies and monopolies financed essentially by the state, in which large private and public-private companies are dominant, overshadowing and distorting the real functioning of the economy.

The proposal to amend the Basic Law on the Public Enterprise Sector was approved by 181 votes in favor eight votes against and no abstentions.

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