"BAI - Banco Angolano de Investimentos S.A. announces that, in an extraordinary general meeting, shareholders unanimously approved the amendment of the company's statutes, for the purpose of preparing its qualification as a public company," said a statement issued Tuesday by the bank.
According to the bank, this is a "historic moment in the life of the bank", which will allow it to "go public in the near future".
Quoted in the communiqué, Luís Lélis, the bank's chief executive officer, says that the stock market listing will be "a long, but sustained and transparent process, and it is expected that the Public Offering will take place in mid 2022".
Vice-Chairman of the Board of Directors Mário Barber said that the approval reflects "the expected path for an institution in full growth".
"With this important change, BAI will assume the status of a public company and will have to comply with certain requirements, namely an adaptation of the systems and processes, and a more demanding disclosure of financial information, in a timely and transparent manner," the bank said in the statement.
The bank had called the general meeting for August 9 (Monday).
BAI's structure is made up of 54 shareholders, none of which have qualified stakes, with Sonangol as the main shareholder with 8.5 percent of the capital.
The group of shareholders also includes Oberman Finance Corp (5.00 percent), Dabas Management Limited (5.00 percent), Mário Palhares (5.00 percent), Theodore Giletti (5.00 percent), Lobina Anstalt (5.00 percent), Coromasi Participações Lda. (4.75 percent), Mário Barber (3.87 percent), Luís Lélis (3.00 percent), and unidentified 'Others', who share the remaining 54.88 percent of the capital.
The government's Privatization Program provides for the sale of Sonangol's stakes in sectors such as insurance and banking and BAI's exit was even planned for 2020, but the public tender never went ahead.
BAI, Angola's largest bank in terms of assets, has recognized, since 2017, own shares with a nominal value corresponding to 5 percent of the share capital.
