Those interested in acquiring shares relating to the sale of Sonangol’s entire stake in Banco Caixa Angola may, until the 16th, subscribe for them at one of the 32 bank branches across the country.
According to the bank, the subscription period runs from 9 am on September 5th to 3 pm on September 16th, with the 12th being the deadline for amending or revoking submitted purchase orders. In the document that Jornal de Angola had access to, Banco Caixa Geral Angola (BCGA) explains that, in its capacity as intermediary agent in charge of assisting the Initial Public Offering (IPO) of 5,000,000 shares representing 25 percent of the capital share capital of BCGA, held by Sonangol (24 percent Sonangol EP and 1.0 percent Sonangol Holding) as an offeror, began on 5 September the receipt of purchase orders by potential investors on the Debt Exchange and Angolan Values (BODIVA). According to the same document, the operation is supervised by the Capital Markets Commission (CMC) and the offer will run until the 16th of September.
The 25 percent share of BCGA’s capital to be sold on the market will be available to three groups, with 8.0 percent for the general public and 2.0 percent for employees and members of BCGA’s governing bodies. The remaining 15 percent is intended for current Angolan shareholders, in accordance with the rules contained in the prospectus published and available on the intermediation agent’s websites.
“Each investor, in the general public segment, can buy a minimum of 25 shares and a maximum of 200,000 shares. The BCGA informs that the unit price of the shares will have a minimum value of Kz 4,250 and a maximum value of Kz 5 000, and the subscription can be made at one of the Bank’s 32 Branches and Corporate Centers”, it reads. This is a unique opportunity to acquire shares and become a shareholder in a bank, part of an international matrix, with a history of strength, solvency, consistency of profitability and distribution of dividends, known and proven, in the view of the executive director of Banco Caixa Angola, Francisco Rosado dos Santos. “Caixa Angola is the oldest private bank operating in Angola. We have been committed to Angola since day one, and this is an important moment not only for the bank, but for the country, and for all Angolans”, he adds.
The BCGA maintains that the Angolan State Privatization Program has as its main objective the promotion of more favorable conditions for private initiative and investment, as well as the acquisition of know-how and specific skills for the restructuring and resizing of the Public Business Sector (SEP). ). PROPRIV provides for the sale of around 178 Companies and/or Assets.
Financial sector
Privatization Program is to move forward After the State’s departure from the shareholder structure of Banco Angolano de Investimentos (BAI) has been completed and that of Banco Caixa Angola (BCGA) is now in process, the next steps refer to the privatization of part of the public rights in the Debt and Securities Exchange. of Angola (BODIVA). Also included in the process, for the financial sector, is the National Insurance and Reinsurance Company of Angola (ENSA), but that should take place at another time as a strategic option. The list of assets also includes Multitel, TV Cabo, in the Telecommunications segment, and several industries, listed as the fourth phase of privatization of ZEE assets, Secil Lobito – Companhias de Cimentos do Lobito and Industrial Units of the CIF Universe . At the beginning of the year, data indicate that the Privatization Program (PROPRIV), in 2021, concluded processes for 35 assets, with emphasis on BCI and 24 other companies via Electronic Auction, whose value of contracts signed corresponded to 443, 9 billion kwanzas. PROPRIV, at the time, had already concluded the privatization of 73 assets, an execution rate of 52.1 percent, having registered, on average, 2.4 competitors per process. According to the PCA of IGAPE, Patrício Bicudo Vilar, of the total privatized, 54 assets (74 percent) were awarded to national companies, and of the total of 73 privatized assets, 41 are operational and 32 in the start-up phase.
Patrício Bicudo Vilar also said that, in terms of financial execution, the value of the award totals around 850.17 billion kwanzas. The amount received amounted to around 469.67 billion, of which 73.299 billion in cash and 396.37 billion in exchange for assets, with emphasis on the inclusion in PROPRIV of the 31.78 percent stake that Sonangol held in Puma Energy. The value of overdue installments reached 87.8 billion, of which 14.7 billion were in default (16.8 percent). The Angolan State had to receive 380.5 billion, of which 107.3 billion in installments receivable and around 273.20 billion by option to purchase.
The Privatization Programme, started in mid-2019, essentially aims to strengthen Angola’s private sector, making it more efficient and competitive. It also appears as one of the guiding lines of the restructuring and resizing of the Public Business Sector (SEP). PROPRIV is aligned with the National Development Program (PDN 2018-2022) and is part of the Public Finance reform, with a view to promoting macroeconomic stability, increasing the productivity of the national economy and achieving a more equitable distribution of income.
