The deadline for selling 37.47% of the shares in the Angolan oil exploration company, ACREP, via the Angolan Debt and Stock Exchange (BODIVA), has been extended until 3pm on the 15th of this month, a decision ratified by the Capital Market Commission (CMC).
Initially, interested parties and investors could purchase shares between February 19th and March 1st, 2024.
However, the extension is attributed to various factors, including the surge in requests for account openings towards the end of the public offer period, making it challenging to respond promptly.
This extension also ensures adherence to stringent regulatory and compliance standards, as reported by Angop, referencing a statement from BODIVA.
Moreover, the extension aims to facilitate access to the capital market for small investors and promote financial inclusion among all economic stakeholders.
It also accommodates investors who, despite expressing interest, faced delays in completing the account opening process in time, according to the document.
During this extended period, investors are permitted to modify or withdraw their acceptance declarations until 3:00 pm on March 11, 2024.
Subscribing to shares, investors can transmit their acceptance declaration through any of the intermediation agents appointed by ACREP, namely Áurea – Sociedade Distribuidora de Valores Mobiliários, SA, and Banco de Poupança e Crédito – BPC.
The offer encompasses up to 600,890 ordinary, book-entry, and nominative shares through the Public Subscription Offer (OPS), with a nominal unit value of 3,250 kwanzas, representing up to 24.99% of ACREP’s share capital (in case of full subscription).
Additionally, 300,000 ordinary, book-entry, and nominative shares are offered through the Public Offering (OPV), with a nominal unit value of Kz 3,250, constituting up to 16.63% of ACREP’s current share capital, currently held by shareholder BPC.
The offer targets the general public, specifically individuals or entities residing or operating in the Republic of Angola.
This initiative marks ACREP as the first company in the oil sector to be sold via BODIVA.
Established in 2003, ACREP operates in Angola’s Oil and Gas sector, with a strategic focus on oil exploration in mature fields.
It acquired participating interests in various offshore and onshore blocks, including offshore blocks 4/05, 17/06, and the Cabinda Norte onshore block, between 2005 and 2007.
In subsequent years, it acquired interests in additional offshore blocks, consolidating its presence in the sector.
