The oil operator ACREP launched, on Tuesday 6th February, in Luanda, the offer to sell 37.47 percent of its shares on the Debt and Securities Exchange of Angola (BODIVA).
The shares will be available for acquisition from February 19 to March 1 of this year. The offer will be sold at a unit price ranging between 75,000 kwanza as the minimum value and 91,500 kwanza as the maximum value.
It is the first time that a private company in the Oil and Gas sector becomes listed on the Angolan stock exchange, highlighted the President of the Executive Committee of ACREP.
Adilson Bartolomeu emphasized that the sales process will be carried out through two channels. A Public Offering (OPV) for 16.63 percent, representing 300 thousand ordinary shares, and another Public Replacement Offering (OPS), where 600,890 shares are offered, representing up to 24.99 percent, with a unit nominal value of 3,250 kwanza. According to the CEO of ACREP, the Public Offering (OPV) will place on the Stock Exchange the shares held by the Savings and Credit Bank (BPC).
The sale of shares from the publicly-owned capital bank is a result of measures outlined in the Privatization Program (PROPRIV), which the Government, through the Ministry of Finance, aims to implement by 2026.
“Through the OPV, 300 thousand ordinary, book-entry, and nominative shares are offered, with a unit nominal value of up to 16.63 percent of the current social capital of ACREP, currently held by the shareholder BPC. That is, of the 37.47 percent of shares offered, 16.63 percent belong to the Savings and Credit Bank,” he said.
Adilson Bartolomeu mentioned that a portion of the funds raised in the stock market entry process will be allocated to developing the operator’s business plan, co-financing the research program developed by ACREP, as well as investing in the blocks in which it operates. To undertake these projects, he stated, the operator needs an amount of about 250 million dollars.
“We want to elevate the company to another level; our goal is to produce 10 thousand barrels of oil per day,” he said.
ACREP is an Angolan oil company focused on quality, innovation, and socio-environmental responsibility, prudently and diligently generating available resources under professional competence criteria.
Exploration activities conducted by ACREP date back to 2004, having participated in the drilling of fifteen (15) research wells, with expenses totaling around 80 billion dollars.
