Angola: BAI starts sale of 10% of capital belonging to Sonangol, Endiama

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Angola: BAI starts sale of 10% of capital belonging to Sonangol, Endiama

9:48 CAT | 10 Jan 2022

File photo: Lusa

Banco Angolano de Investimentos (BAI) has begun its process of going public, requesting approval of the Public Offer for Sale of 10% of its share capital held by Sonangol and Endiama.

According to a statement from the bank, BAI filed a request with the Capital Markets Commission (CMC) for approval of the Prospectus for the sale of 1,945,000 shares, representing 10% of the bank’s share capital, held by oil company Sonangol (8.5%) and state diamond company Endiama (1.5%), represented in the transaction by the state-owned Instituto de Gestão de Ativos e Participações do Estado (IGAPE).

BAI’s shareholders approved last year the amendment of its articles of association to allow its capital to go public in 2022.

“With this important change, BAI will become a public company and will have to comply with certain requirements, namely an adaptation of systems and processes, a greater requirement in the disclosure of financial information, timely and transparent,” said the bank, in a statement released at the time.

BAI’s structure comprises 54 shareholders, none of which have qualified stakes, with Sonangol as the main shareholder with 8.5% of the capital.

The shareholders also include Oberman Finance Corp (5.00%), Dabas Management Limited (5.00%), Mário Palhares (5.00%), Theodore Giletti (5.00%), Lobina Anstalt (5.00%), Coromasi Participações Lda. (4.75%), Mário Barber (3.87%), Luís Lélis (3.00%) and “Others` not identified, who share the remaining 54.88% of the capital.

The Angolan government’s privatisation programme provides for the sale of Sonangol’s holdings in sectors such as insurance and banking. BAI’s exit from the market was initially scheduled for 2020, but the public tender did not go ahead and is now a Public Offer for Sale.

In terms of assets, BAI, Angola’s largest bank, has recognised treasury shares with a nominal value of 5% of its share capital since 2017.

Source: Lusa