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25% of Angola Sonangol shares offered for sale

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The State Institute for Asset Management and Equity (IGAPE) started last week the sale of 25% of the shares held by Sonangol.

The process, which is being carried out in Banco Caixa Geral Angola (BCGA) on the stock exchange, is expected to raise about AK 25 billion for the State Treasury.

The operation will be conducted via Angolan Debt and Securities Exchange (BODIVA) and encompass the 24 percent of Sonangol E.P.’s assets and 1 percent of Sonangol Holdings’ in BCGA, said the coordinator of the financial sector of the Privatisation Programme (PROPRIV) on Tuesday.

Addressing a press conference, the intermediation agent said Banco Caixa Geral Angola also started Monday receiving purchase orders from potential investors, a process that will run until 3 pm of 16 September via the websites www.caixaangola.ao or www.cmc.ao and www.bodiva.ao.

The total amount of shares is available to three groups. They are the general public, which can buy 8 percent, employees and members of BCGA’s governing bodies (2 percent), and the remaining 15 percent going to current Angolan shareholders.

The source put the minimum unit price of the assets at 4,250 kwanzas, while the maximum value stands at around 5,000 kwanzas.

And subscription can be made at one of the 32 BCGA branches and Business Centre, available on the website, www.caixaangola.ao.

At the time, Sousa noted that the sale of Sonangol’s share capital, which would be supervised by the Capital Markets Commission (CMC), was in line with boosting the capital market.

The source added that the process would be carried out via an Initial Public Offering (IPO) on the stock exchange.

According to the coordinator of the financial sector of PROPRIV, the action guarantees that the privatisation of shares in national reference companies is carried out via more transparent processes, aiming to reach the majority of investors in the country.

Similar to the sale of Sonangol’s assets in BCGA, which will be carried out via an Initial Public Offering (IPO), the official also said that IGAPE’s next steps in the short term would be to sell the state’s stakes in Sonangalp and TV Cabo.

 

 

Source: Furtherafrica.com

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