LUANDA, June 1 (Reuters) – The preliminary public providing (IPO) of a ten% stake in Angola’s largest personal financial institution BAI, seen as a take a look at case in a far-reaching privatisation push, has been priced on the high of an indicated vary, BAI mentioned on Wednesday.
The southern African nation is attempting to modernise its economic system and appeal to personal funding, and the native inventory trade hopes BAI’s itemizing will set the stage for a lot of extra. Learn full story
BAI mentioned in an announcement that the ultimate value of the shares provided by state-owned oil and diamond firms Sonangol and Endiama had been set at 20,640 kwanzas (roughly $50) per share.
A prospectus had earlier indicated the worth vary was between 17,200 and 20,640 kwanzas.
At 20,640 kwanzas, the ten% stake sale will elevate over $97 million, in accordance with a Reuters calculation.
OPEC member Angola plans to privatise greater than 60 state property this 12 months, although the sale of a 30% stake in Sonangol, seen because the crown jewel of the privatisation drive, may take one other two years. Learn full story
BAI mentioned extra particulars in regards to the IPO can be disclosed on Thursday, forward of the itemizing deliberate on the BODIVA trade on June 9.
BODIVA was based in 2014. However with Angola’s economic system dominated by state-owned firms – a legacy of its socialist previous – the trade has primarily served as a marketplace for authorities bonds, buying and selling debt of round $2 billion in 2020.
($1 = 411.7300 kwanzas)
(Reporting by Miguel Gomes; Writing by Alexander WinningEditing by Barbara Lewis)