Banco de Fomento Angola (BFA) beat competitors Banco Millennium Atlântico (BMA), Banco de Negócios Internacional (BNI), and Standard Bank Angola (SBA) to become the winner of the tender for financial intermediation for the privatization of the 51% stake held by the state (Sonangol) in Sonangalp.

During the execution of the contract, BFA will have Ernst & Young ("EY"), CKA & Associados, and Linklaters at its side, whose responsibility will be to support Sonangalp in the structuring, evaluation, disclosure, identification of investors and sale of its shares, in addition to other tasks inherent in the preparation of the privatization.

Sonangalp is 51% owned by Sonangol, with the remaining 49% belonging to the Portuguese company Galp Energia. Sonangalp's core business is the distribution of fuels and lubricants. The privatization process of the government's stake in Sonangalp, in the form of an Initial Public Offering (IPO), will take place by the end of the second quarter of 2022.