(IDEX Online) - According to media reports, Endiama EP, Angola's state-owned diamond mining company plans to sell up to 30 percent of its shares in an initial public offering (IPO) in 2022.
Bloomber said the sale is part of the government's plan to increase transparency in the diamond sector and increase production.
Jose Manuel Ganga Junior, Endiama chairman, told Bloomberg the government would continue to have control in the company after the listing.
Reports in August 2019 said the share capital held wholly or partially by the government of Angola in 195 different companies would be sold as part of a privatization program.
The program stated that the government will sell 175 companies by public tender, 11 by public auction and nine through an IPO.
"A public listing and the reforms underway lay the foundation for Endiama to become the world's largest supplier of gems," said Ganga Junior to Bloomberg.