Ver Angola

Banking and Insurance

ENSA to go public after failing privatization by tender

The Instituto de Gestão de Astivos e Participações do Estado (IGAPE) ended the privatization of 51 percent of the state insurance company ENSA by tender and will proceed with the sale of shares, preferably on the stock exchange, it was announced.


According to a press release from IGAPE to which Lusa had access, the privatization procedure that contemplated the sale of 51 percent of ENSA's share capital through a tender limited by prior qualification, aimed at national and foreign investors, opened on 10 June 2021, came to an end, without the insurer having received proposals that reflect its real value.

"The process attracted the interest of several leading investors, both Angolan and across borders, however, the economic and financial context disturbed by the impact of the covid-19 pandemic prevented the achievement of the intended objectives", says IGAPE.

It was therefore decided to promote a new privatization process for the insurance company to "maximize its value and reinforce its growth strategy, as a reference company for the dynamism of the Angolan capital market".

The sale of a block of shares is envisaged, preferably through a procedure on the stock exchange, whose process allows for industry partners and small subscribers, namely employees.

"The changes in Angola's macroeconomic context for a new growth cycle encourage future prospects, associated with the opening of the stock market in Bodiva. There is the conviction that these factors will contribute greatly to the appreciation of ENSA and the maximization of economic and financial results privatization", underlines IGAPE in the same communiqué.

The privatization process, adds IGAPE, made it possible to carry out several tasks "which today demonstrate the unique opportunity to invest in a market-leading company, in a sector of activity with clear prospects for development" and improve the performance of the insurer.


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