Ver Angola

Banking and Insurance

BAI sells shareholdings in Griner and Novinvest for 10 billion kwanzas

Banco Angolano de Investimentos (BAI) will sell 72.6 percent and 51 percent of its holdings in the share capital of Griner Engenharia and Novinvest SA, for the amount of 10 billion kwanzas, it was announced.

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In a statement, BAI, which is owned by the oil company Sonangol, states that the shareholdings held, directly and indirectly, in the two companies will be sold through a sale of shares to the management staff (financial operation known as 'management buyout') of the company. Griner Engenharia SA, for the amount of 10 billion kwanzas.

Griner Engenharia is a national engineering and construction company for buildings and infrastructure, with activity in four African countries, where the BAI group held an 82.6 percent stake, now holding 10 percent of the company.

Novinvest, on the other hand, is a 49 percent owned company by Griner Engenharia SA and 51 percent owned by the BAI Group, for the development and management of shareholdings and complementary activities in the construction value chain, such as the materials industry. construction, concessions, specialized services and real estate.

According to the note, these operations are part of the strategy of separating the financial and non-financial activities of the BAI group, simultaneously allowing the creation and development of Angolan non-financial groups that contribute to the country's growth.

BAI, one of the largest private banks in Angola, has operations in Portugal and Cape Verde, as well as a minority stake in Banco Internacional de São Tomé and Príncipe.