According to the prospectus, the shares, which will be sold by the state oil company Sonangol and the diamond company Endiama, correspond to 10 percent of the share capital of BAI, the largest Angolan bank in terms of assets, which could thus fit between around 37 and 43 million kwanzas (76 and 90 million euros).
The Angolan State's shares in BAI will be sold by June with an initial public offering on the stock exchange.
In August 2021, BAI approved at an extraordinary general meeting the full amendment of the company's statutes, for the purposes of preparing its qualification as a publicly-held company, thus allowing the capital to be dispersed on the stock exchange.
BAI's structure is made up of 54 shareholders, none of which hold qualifying holdings, with Sonangol standing out as the main shareholder with 8.50 percent of the capital.
The group of shareholders also includes Oberman Finance Corp (5 percent), Dabas Management Limited (5 percent), Mário Palhares (5 percent), Theodore Giletti (5 percent), Lobina Anstalt (5 percent), Coromasi Participações Lda (4.75 percent), Mário Barber (3.87 percent), Luís Lélis (3 percent) and unidentified others, who share the remaining 54.88 percent of the capital.
The Executive's Privatization Program provides for the sale of Sonangol's shares in sectors such as insurance and banking and the departure from BAI was even scheduled for 2020, but the public tender did not go ahead, taking place now through the Public Offer of sales.
