The chairman of the Board of Directors of the State Institute of Asset and Share Management (IGAPE), Álvaro Fernão, made this announcement at the end of the second meeting of the Propriv Interministerial Commission, detailing that the offering period is scheduled between the first and last week of September.
"We will all be invited to invest, to buy BFA shares as early as September," said the executive, emphasizing that this bank will have "the largest offering on the stock exchange since the creation of the Angolan stock exchange."
In 2024, the State officially privatized 15 percent of its majority stake in Banco Fomento Angola (BFA) through an Initial Public Offering (IPO) on the national stock exchange, according to a presidential decree.
Álvaro Fernão emphasized that it will be "a large offering," explaining that this increases the likelihood of institutional and individual investors participating in the purchase of this asset.
"We're expecting a major operation; it's the largest we've ever had, and we'll see how much we've raised by the end of September," he emphasized, noting that nearly 30 percent of BFA's share capital will be privatized, with 15 percent going to UNITEL and approximately 14.6 percent to BPI.
The State indirectly holds 51.9 percent of BFA's shares through the telecommunications operator UNITEL, and the remaining 48.1 percent of the bank's capital belongs to the Portuguese group BPI, which has previously attempted to reduce its stake in the Angolan bank.
The president of IGAPE said that the meeting analyzed the results for the first half of this year, the outlook for 2026, and the mitigation strategy for operational and financial defaults, to "provide greater relief to companies and ensure their normal operations."
According to Álvaro Fernão, the objectives were achieved in the first half of this year, with the privatization of four major assets: the CIF cement plant for 180 billion kwanzas, the automobile assembly plant in the Special Economic Zone, and the brewery.
"These are three major assets, plus a supermarket in Zamba III, worth approximately 200 billion kwanzas," Álvaro Fernão emphasized, noting that some of these assets are still in the start-up phase, such as the automobile plant, scheduled for completion in November of this year.
Regarding non-compliance, the IGAPE president said that the mitigation strategy "aims to improve relationships with contractors, provide compensation, negotiate deadlines, and ensure an operational and financial cushion" for them.
"The causes of defaults are financial, many of them contractual as well, so we have to give leeway in negotiating deadlines, we have to renegotiate some terms and, above all, guarantee the functioning of these units that must be at the service of the economy," he emphasized.
