Ver Angola


Bodiva: BAI's listing on the stock exchange will be a test of the capital market

The start of trading in the shares of Banco Angolano de Investimentos (BAI) will be a test of the capital market, whose reaction will depend on the success of this first operation, said the director of Bodiva, Cristina Lourenço.


The official was speaking in Luanda, at a clarification session held by the Angolan Debt and Securities Exchange (Bodiva) on the public offer for sale of BAI, the first listed company whose shares will be traded on the stock exchange, eight years after it went live.

"We see this BAI operation, as it is the first, as a test of the depth of our market. It is a novelty for all of us, a novelty for the Angolan financial market, in particular, the capital market and the market's reaction will depend on a lot about the success of this first operation", highlighted Cristina Lourenço.

For Bodiva's administrator, it will be an opportunity for future or potential issuers "who still have doubts about whether it is a safe path, if it is a transparent path, if it is the right path to follow, see this operation as an example of success and decide, in the medium or long term, to follow the same path".

This year, Bodiva estimates that four companies may be listed, all linked to banking and the oil sector (BAI, Somoil, Acrep and Millennium Atlântico).

The State will sell 1,945,000 shares it holds in Banco Angolano de Investimentos, which are equivalent to 10 percent of the total, held through public companies Sonangol (8.5 percent) and Endiama (1.5 percent), through of a public sale operation (OPV) launched on 9 June.

Raul Diniz, coordinator of the trading department at Bodiva, indicated that the subscription period for BAI shares runs between the 16th and 27th of May, with the price of the shares, which varies between 17,500 kwanzas and 20,640 kwanzas per unit, released on 1 June .

On June 9, in practice, the date on which BAI shares will be admitted to trading and will be available to all investors, Bodiva members (commercial banks and brokerage firms) will be able to place purchase orders on the secondary market, with investors who have acquired the securities on the primary market sell or buy shares on the secondary market freely
Raul Diniz stressed that prices will have a limit, varying within the forecasts of Bodiva's regulatory framework, so that speculation on certain shares or other instruments traded on regulated markets is not possible.

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.

Bodiva also recently inaugurated a new market segment, called the repo market (MOR), making repo operations available for trading, also known as REPO.

These operations allow an increase in liquidity exchanges between the various market participants, thus allowing those who need liquidity to finance their activities or who want to make their investment portfolio profitable, for a determined period, to use the MOR.

In the opening session of the MOR, two transactions were registered and settled, with the counterparties BFA, Standardbank and Banco Millennium Atlântico, with the total volume transacted being fixed at 450 million kwanzas.


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