Privatization Transaction Status Definitions

For committee-facing use, pair this research with Angola Institutional Source Verification and Angola Public Offer Prospectus Review before turning source analysis into a decision memo.

Direct answer

Privatization transaction status terms should be used precisely: program inclusion means an asset is in scope; launch means a transaction process has started; approval means a defined authority approved a defined action; award identifies a selected bidder; completion means closing evidence shows the transfer occurred.

Using the wrong status word can mislead readers. Program inclusion is not sale completion. Tender launch is not award. Award is not necessarily closing. Listing intention is not exchange admission.

Why this matters

Privatization programs often unfold over months or years. Assets can move forward, pause, change method, restructure, or leave the public agenda. Readers need a vocabulary that separates confirmed status from expectation.

This page defines the status language OHUASI should use across privatization articles, scorecards, briefs, hubs, and metadata.

Source status

This is an evergreen terminology guide. It does not classify any specific asset. Use it to decide which status word is appropriate after reviewing the relevant source evidence.

Program inclusion

Program inclusion means an asset appears in an official privatization program, list, decree, policy document, or authority publication.

What it proves

It can prove that the asset is within the stated privatization perimeter.

What it does not prove

It does not prove that:

• A transaction has launched.
• A prospectus exists.
• A tender is open.
• A buyer has been selected.
• A public offer is available.
• A sale has closed.

Under preparation

Under preparation means transaction structure, advisers, documentation, regulatory steps, asset cleanup, or internal approvals may be in progress.

Evidence examples

• Official preparation notice.
• Adviser appointment.
• Restructuring announcement.
• Data-room preparation.
• Regulator or exchange preparatory reference.

Caution

Preparation can continue for a long period and may not lead to launch.

Launched

Launched means a defined transaction process has started.

Public offer launch

A public offer launch usually requires offer documents, timetable, subscription process, or official market notice.

Tender launch

A tender launch usually requires tender notice, request for expressions of interest, prequalification document, bid rules, or official procurement notice.

Direct negotiation launch

Direct negotiation launch should be used cautiously and only when a reliable source confirms a formal negotiation or process.

Approved

Approved means a specific authority approved a specific action.

The word approved is incomplete unless the page states what was approved and by whom.

Examples:

• Cabinet approved a privatization method.
• Securities regulator approved a prospectus.
• Exchange approved admission to trading.
• Competition authority approved acquisition.
• Shareholders approved a transaction.

Approval does not always mean completion.

Offered

Offered means securities, shares, assets, or interests are made available under defined conditions.

This word requires care because it can imply investor access. A page should identify whether the offer is public, private, institutional, employee-only, domestic, foreign, strategic, or restricted.

Bid submitted

Bid submitted means one or more bidders delivered offers under a process.

It does not prove award or completion.

Awarded

Awarded means a bidder, buyer, concessionaire, or investor has been selected under a process.

What it proves

It may prove selection.

What it does not prove

It does not necessarily prove closing, payment, transfer, regulatory approval, or operational handover.

Signed

Signed means the parties executed an agreement.

A signed agreement may still be conditional. Conditions can include regulatory approvals, financing, competition clearance, government approvals, shareholder approvals, or closing deliverables.

Completed or closed

Completed or closed means the transaction has reached closing and the relevant transfer, subscription, payment, admission, or handover occurred according to available evidence.

Completion should require strong evidence because it is a final-stage claim.

Listed or admitted to trading

Listed or admitted to trading means securities are accepted on an exchange or market segment according to exchange evidence.

Do not use listed to mean included in a program list.

Postponed

Postponed means a process was delayed but not necessarily abandoned.

The source should identify what was postponed: offer, tender, deadline, listing, closing, or decision.

Withdrawn

Withdrawn means the process or offer was pulled back.

Withdrawal may be temporary or final depending on the source.

Cancelled

Cancelled means the relevant authority or parties ended the process. Use this word only when a source supports finality.

Unverified

Unverified means the claim is circulating but lacks sufficient public-source support.

Unverified claims may be monitored, but they should not support strong metadata, public-offer language, transaction status conclusions, or investment assumptions.

Status table

Metadata rule

Status words in metadata must be at least as cautious as status words in the body. A page should not use completed, launched, approved, listed, or open in the meta title or description unless the source status supports that exact word.

Related OHUASI research

Use this guide alongside:

• How to Verify an African Privatization Source.
• Public Offer vs Tender vs Direct Sale in African Privatizations.
• How to Read an African Privatization Prospectus.
• Source Transparency and Evidence Labels.
• Corrections and Updates Policy.
• Request an Angola PROPRIV Briefing.

Disclaimer

This guide is informational research. It does not confirm the status of any specific transaction and does not provide investment, legal, tax, brokerage, underwriting, fiduciary, or securities advice.