The Angolan government has put a 34% stake in Standard Bank Angola up for sale in an operation that could yield the state up to approximately $261 million and is expected to bring the bank to the Angolan Debt and Securities Exchange (BODIVA).
According to Jornal de Angola, the transaction, managed by the State Asset and Shareholding Management Institute (IGAPE), covers 4.76 million shares and forms part of Angola’s privatisation programme, PROPRIV. Under offer documents approved by the Capital Markets Commission, the subscription period will run from 11 to 25 September, with trading of the shares on BODIVA scheduled to commence on 30 September.
Based on the values indicated in the transaction, each share will be made available at an equivalent price of approximately $45 to $55. Should all shares be sold at the minimum price, the state could collect around $215 million. Under the maximum price scenario, proceeds could reach approximately $261 million. The final amount will, however, depend on the price set and the volume of shares ultimately acquired by investors.
South Africa’s Standard Bank Group, which currently holds a 51% controlling stake in Standard Bank Angola, may acquire a further 24 percentage points through the operation. If it exercises that right in full, the group’s shareholding could rise to 75%. The remaining 10% of shares on offer will be made available to other investors, while the Angolan state is expected to retain a 15% stake.
The shares now being placed on the market were part of a 49% stake previously held by Carlos São Vicente, former chairman of AAA Seguros. Angolan authorities seized that shareholding before São Vicente was convicted in 2022 on charges that included embezzlement, tax fraud, and money laundering.
The operation follows the stock market listing of Unitel, through which Angola raised approximately $329 million from the sale of a 15% stake in the telecommunications operator. The Unitel offering recorded demand in excess of the shares available, achieving a subscription rate of approximately 121%.
The sale of the Standard Bank stake thus represents a new test of the Angolan capital market’s capacity to attract investors and broaden the shareholder base. According to the Capital Markets Commission, all 14 million shares comprising Standard Bank Angola’s capital are to be admitted to trading, although only 4.76 million form part of this public offering. The operation is part of Angola’s broader strategy to reduce direct state ownership of commercial assets and deepen the development of its capital markets.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=537731
