Somoil (Sociedade Petrolífera Angolana), Acrep-Exploração Petrolífera and bank Millenium Atlântico are the companies best positioned to go public this year, along with Banco Angolano de Investimento (BAI), which debuts on June 9, marking the beginning of the capital market negotiation in Angola, according to the manager of Bodiva, Cristina Lourenço.
Bodiva has been working directly with companies, explaining the process of admission to trading and providing training in the capital market, revealed the administrator during a clarification session of the Angolan Debt and Securities Exchange (Bodiva) on the public offer for sale of BAI, which will become the first listed company on the Angolan stock exchange, eight years after it started operating
"We have already managed to form, at least, 15 companies that are interested in entering the stock market", said Cristina Lourenço, stating that they are mainly linked to the banking, oil and insurance sector.
"It is these companies that have shown the most interest, as well as preparedness, to fulfill the requirements" for admission, she said.
Future issuers will have to comply with certain requirements, namely having been in business for three years, a minimum capital for dispersion of 5 percent and a market capitalization of not less than 500 million kwanzas, and the disclosure of the report and accounts is also mandatory.
"We have other companies still in the pipeline, in the horizon of two to three years, but the information is not yet public. It is a path that some companies are already taking, it is a process that takes at least a year to prepare at the internal market", underlined Cristina Lourenço, without revealing the other potential listed in the future.
"Between the shareholder's decision, until we actually get to the stock market admission process, it takes some time", she explained.
Bodiva's administrator also indicated that companies in formation do not yet meet all the requirements: "The training is open to all companies that are interested in better understanding the process and financing opportunities in the capital market. Some already meet certain requirements and there are still others to organize".
In the first phase, the course was aimed at companies in the public sector, within the scope of the Privatization Program (Propriv), but the interest shown by private companies led to the expansion to this sector.
Bodiva, where public debt securities and bonds are currently traded, has 27 members, including all banks operating in Angola's financial system and some brokerage firms.