Angolan oil company ACREP’s shares are now listed on the “MROV” Over-the-Counter Market of the Angolan Debt and Stock Exchange (BODIVA) following a recent bidding process.
The auction determined demand for 24 percent of the 37 percent stake held by Banco de Poupança e Crédito (BPC) in the private oil and gas firm.
The Market for Registration of Transactions on Securities (MROV) is dedicated to recording previously conducted but unsettled transactions of securities not traded in other BODIVA market segments.
Results from the public offering for ACREP’s ordinary shares set at Kz 75,000.00 each revealed a total amount to be raised of 5.4 billion kwanzas.
Only 24.04 percent of the 300,000 shares reserved were demanded, with 447 investors participating, including 421 from the general public and 26 workers.
Additionally, there was no demand for the 600,890 ACREP shares offered under the Public Subscription Offer.
ACREP’s listing on BODIVA marks the first time a private oil and gas company has been listed on the Angolan stock exchange.
ACREP aims to utilize funds raised to develop its business plan, co-finance research programs, and invest in its operating blocks.
The company’s strategy for 2023-2028 includes achieving a production rate of 10,000 barrels per day and venturing into independent energy production, along with plans to establish a thermal power plant and offer well drilling services.
