Banco Angolano de Investimento shares will cost between 39 and 46 euros – Angola

Banco Angolano de Investimento shares will cost between 39 and 46 euros – Angola

1,945,000 state-owned shares of Banco Angolano de Investimento (BAI) will be offered for sale at a minimum price of 39 euros (17,200 kwanzas) and a maximum of 46 euros, it was announced on Wednesday.

According to the prospectus, the shares to be sold by the state-owned oil company Sonangol and the diamond company Endiama, also owned by the state, represent 10% of the capital of BAI, the largest Angolan bank by assets. , which could amount to between 76 and 90 million euros.

The Angolan state’s shares in BAI will be sold by June with an initial public offering on the stock exchange.

In August 2021, BAI agreed at an extraordinary general meeting to completely amend the company’s articles of association, for the purposes of preparing its qualification as a public company, allowing the distribution of capital on the exchange.

The structure of BAI consists of 54 shareholders, none of whom owns eligible holdings, and Sonangol stands out as a major shareholder with 8.50% of the share capital.

The group of shareholders also includes Oberman Finance Corp (5%), Dabas Management Limited (5%), Mário Palhares (5%), Theodore Giletti (5%), Lobina Anstalt (5%), Coromasi Participações Lda (4, 75%). ), Mario Barber (3.87%), Louis Lillis (3%) and others unspecified, participating in the remaining 54.88% of the capital.

The Angolan Executive Privatization Program provides for the sale of Sonangol stakes in sectors such as insurance and banking, and was also scheduled to depart from BAI in 2020, but the public tender, which is now underway through a Public Offer Sale, has not gone ahead.