The aircraft was carrying 52 passengers and 5 crewmembers and was heading to Yuri Gagarin Airport in Namibe Province, Angola.
Shortly after takeoff, the aircraft then banked to the left and crashed onto a field in Golfe II district of Luanda.
Authorities evacuated 40 badly burned bodies from the crash site, including women and children.
According to the findings of a preliminary investigation the accident was caused by engine failure; the report also accused ASA Pesada of negligence for failing to keep accurate records of the amount of fuel and number of passengers on board.
A statement by the National Civil Aviation Authority said none of the planes would now be allowed to fly on civilian services.