Business: Africa’s Richest Woman Reappointed to Board of Unitel

The meeting at Unitel SA, in which Isabel dos Santos owns 25 percent stake and has been chairwoman, came after an arbitration court ruled that Brazilian telecommunications company Oi SA was entitled to receive $654 million from other shareholders. The court said they violated several clauses of an agreement among Unitel shareholders and Oi didn’t receive dividends it was owed.

Angolan state-owned oil company Sonangol, which owns a 25 percent stake, has repeatedly said it wants a new board at Unitel, while Oi has publicly expressed its disapproval with management for withholding the dividends. Unitel shareholders unanimously elected Isabel dos Santos and four other members to the board of the company. Miguel Geraldes, a former senior consultant at Huawei Technologies in South Africa, will replace Antony Dolton as general director of Unitel. The new board will take office on May 6 and elect a new chairperson, according to Unitel, which didn’t indicate in its statement who is likely to be chosen.

The daughter of former Angolan President Jose Eduardo dos Santos, Isabel amassed a fortune during her father’s almost four-decade rule and has an estimated net worth of about $2 billion, according to Bloomberg. Besides Unitel, her business interests include media, retail, finance and energy, both in Angola and in Portugal.

President Joao Lourenco, who replaced dos Santos in 2017, has made the battle against graft the cornerstone of his administration, dismantling the influence of his predecessor’s family over key sectors.“We can’t accept that a single shareholder with 25 percent stake can take unilateral decisions at the company,” Sonangol Chairman Carlos Saturnino told reporters on Feb. 25. “We need to reach an agreement to appoint a new board.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business: Africa Is Running Out of Water as Cities See Populations BoomCities and towns in several other African nations including Ghana, Mozambique, Zimbabwe and Ivory Coast have been plagued by water shortages in recent months, manifestations of a global supply squeeze brought on by drought, population growth, urbanization and insufficient investment in dams and other infrastructure.
Source: dailymaverick - 🏆 3. / 84 Read more »

Boost Africa investment to win climate fight: World Bank headKristalina Georgieva said it was vital that nations least responsible for global warming are assisted in adapting to the extreme weather and food insecurity their citizens face.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

MAVERICK BUSINESS: A look at what might happen if South Africa is ‘junked’ in two weeks’ time‘Ramaphoria’ may be present in politics, but with South Africa’s business confidence falling on Wednesday to rock-bottom lows, it’s becoming clear that the idea is not gripping the economy, posing an increasingly pressing question: What will happen if South Africa is ‘junked’ at the end of March?
Source: dailymaverick - 🏆 3. / 84 Read more »

Proudly South Africa hosts two-day Buy Local Summit - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Proudly South Africa has held its two-day Buy Local Summit in Sandton, Johannesburg.
Source: SABC News Online - 🏆 32. / 51 Read more »

Dr Motsepe to address Africa-Asia Partnerships conference - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The First Lady of South Africa, Dr Tshepo Motsepe, will address the Africa-Asia Partnerships in Health and Healthcare Delivery for Women & Youth Conference at the University of the Witwatersrand in Johannesburg on Tuesday.
Source: SABC News Online - 🏆 32. / 51 Read more »

Africa's richest woman to be ousted at Angola telecoms companyAfrica’s richest woman is set to be ousted from the helm of Angola’s biggest telecommunications company as shareholders meet Tuesday to discuss corporate governance in the wake of legal action by one of its biggest investors. Fin24
Source: News24 - 🏆 4. / 80 Read more »

Business: Africa Is Running Out of Water as Cities See Populations BoomCities and towns in several other African nations including Ghana, Mozambique, Zimbabwe and Ivory Coast have been plagued by water shortages in recent months, manifestations of a global supply squeeze brought on by drought, population growth, urbanization and insufficient investment in dams and other infrastructure.
Source: dailymaverick - 🏆 3. / 84 Read more »