Angola has approved the IPO of Standard Bank Angola, clearing the way for the lender’s debut on the BODIVA stock exchange in a transaction that will see 34% of its shares offered to investors.
The Capital Market Commission approved the public offering on September 4, covering 4.76 million existing shares, equivalent to 34% of Standard Bank Angola’s share capital. The offer will run from September 11 to September 25, with trading expected to begin on BODIVA on September 30.
The IPO is structured in two tranches. 24% of the bank is reserved for Standard Bank Group, which currently owns 51%, while the remaining 10% will be offered to public investors. If Standard Bank Group takes up its full allocation, its ownership will rise to 75%, with the Angolan State retaining 15% and public investors holding 10%.
The public offer price is set at between Kz41,220 and Kz50,000 per share. The 34% stake comprises 4.76 million shares and has a potential value of approximately Kz196.2 billion to Kz238 billion, depending on the applicable offer price.
The transaction will also result in all 14 million shares of Standard Bank Angola being admitted to trading on BODIVA, giving investors access to the bank through Angola’s public equity market.
The State’s stake traces back to Carlos São Vicente, the former chairman and chief executive of AAA Seguros. Angolan authorities seized his 49% interest in Standard Bank Angola in 2020 as part of an asset-recovery process. São Vicente was later convicted of embezzlement, money laundering and tax fraud and sentenced to nine years in prison.
The IPO forms part of Angola’s broader PROPRIV privatisation programme, allowing the State to monetise part of its holding while bringing Standard Bank Angola into the listed market. For Standard Bank Group, the transaction provides an opportunity to increase its ownership of the Angolan subsidiary to 75%.
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