LUANDA, Sept 29 – Angola has raised 208.5 billion kwanzas ($224 million) from the sale of a 34% stake in Standard Bank de Angola SA, with investor demand nearly twice the number of shares offered, Bloomberg news reported on Tuesday.
Investors submitted orders worth 403.4 billion kwanzas, according to results released by the BODIVA stock exchange in Luanda on Monday.
The transaction increases the ownership of Johannesburg-based Standard Bank Group in its Angolan subsidiary to 75%, from 51%, strengthening its controlling position in one of Angola’s major financial institutions.
The offering forms part of Angola’s broader programme to dispose of state-controlled or recovered assets and deepen its domestic capital markets.
The Capital Market Commission (CMC) authorized the sale of 4.76 million shares, representing 34% of Standard Bank de Angola’s share capital.
Under the structure of the offering, Standard Bank Group retained the right to acquire an additional 24% of the shares being sold. The offer allocated 24% to Standard Bank Group, while the remaining 10% was made available to public investors.
The transaction therefore combines a strategic increase in Standard Bank’s ownership with a broader public offering intended to expand investor participation in Angola’s capital market.
The shares were offered at between 41,220 and 50,000 kwanzas each, with the lower end equivalent to approximately $45.16 based on the figures provided.
The stake sale follows the approval of the public offering and advances plans for Standard Bank de Angola’s stock market debut.
African Economy Inc. previously reported on September 5 that Angolan authorities had approved the sale, clearing a regulatory step toward the listing and the disposal of shares previously seized from businessman Carlos São Vicente.
The strong demand recorded in the offering highlights investor interest in Angola’s banking sector while providing the government with proceeds from the divestment of its stake.
For Standard Bank Group, the transaction increases its exposure to Angola’s financial market and consolidates its position in the local banking business.
