The state-owned oil company will issue up to 7.5 million bonds, for the unit value of 10,000 kwanzas, totaling 75 billion kwanzas in the offer, with a maturity of five years, with repayment in a single installment on 14 September 2028, with an interest rate fixed interest rate of 17.5 percent per annum, paying interest semi-annually.
The minimum amount to be subscribed is 10 bonds, in an investment of 100,000 kwanzas, with the offer providing for an early repayment option by the issuer from the first year, that is, in September 2024.
In a first phase, purchase orders will be received via the counter, at the intermediary agents of the process, namely Áurea – Sociedade Distribuidora de Valores Mobiliários, Banco de Fomento Angola and Standard Bank Angola, between 08:00 on 28 August and 15:00 on 12 September of this year.
In his speech, the chairman of the board of directors of Sonangol, Gaspar Martins, said that the company usually requests financing in the international market, this being the first time that it resorts to the national market, diversifying its sources of financing.
According to Martins, Sonangol has a set of suppliers for its activity, with whom it contracts debts and with this debt issue, in local currency, "liquidity is almost immediate".
"We are going to carry out a scrutiny and selection of the main suppliers and settle a good part of these debts, which will help to boost the market", stressed the chairman of Sonangol.
Gaspar Martins underlined that this is a test, which starts with 75 billion kwanzas, but "if the market can receive more" and the company has more need, they should turn to the market.
"It's a small trial balloon, for us to be able to be in the capital market today, there is a set of requirements that demand that the company has to comply, first with transparency, up-to-date accounts, well evaluated and audited, so that all who make the investment are sure that their return is guaranteed", he stressed.
In his speech, the Secretary of State for Oil and Gas, José Barroso, highlighted the "historic act" for the Angolan public business sector, Sonangol's first bond issue and public bond subscription offer.
"The State, as a shareholder of Sonangol, is quite confident with this great step, mainly due to the positive impact that this issue should have on the national financial market", said José Barroso, stressing that the initiative aims to strengthen the country's financial base and boost economic development. in a sustained way.
José Barroso wished that in the short and medium term other public companies would choose to diversify their funding sources and thus further leverage the capital market.
"Sonangol has, in our humble opinion, a solid trajectory of growth and profitability and this issue will certainly allow it to obtain the funds it needs to invest in strategic projects, which should increasingly and sustainably boost the success of our flagship company" , he said.
The official stressed that the executive is committed to listing Sonangol on the stock exchange by 2026, this issue constituting "a crucial moment" in the process that will lead to the company's initial public offering.
