Angola's Capital Market Commission has approved the public sale of a 34% stake in Standard Bank de Angola, amounting to 4.76 million shares. This move is part of the country's broader effort to divest state-owned commercial assets and deepen its capital markets. The shares were originally seized from former insurance tycoon Carlos Sao Vicente and represent a partial privatization by the Angolan government.
The offering, priced between 41,220 kwanza ($45.16) and 50,000 kwanza ($54.78) per share, could generate between $215 million and $261 million. The subscription period is set to run from September 11 to September 25, with trading on Angola’s BODIVA exchange expected to commence on September 30. This initiative follows the successful sale of a 15% stake in telecommunications company Unitel, which raised approximately $329 million, indicating strong investor interest in Angolan public offerings.
Standard Bank Group, which currently holds a 51% ownership in the Angolan unit, has the option to acquire an additional 24% of the shares being offered. If exercised, this would increase their stake to 75% for an estimated cost of $152 million to $184 million. The remaining 10% of the offered shares, approximately 1.4 million shares valued between $63 million and $77 million, will be made available to the public. The Angolan state is expected to retain a 15% interest in the bank after the sale.
