The operation, which began on Monday and runs until 16 September, was presented in Luanda.
At issue is the sale of 5,000,000 shares with a price range between 4,250 and 5,000 kwanzas, which will allow the State, through Sonangol, to cash in a maximum of 25 billion kwanzas.
The BCGA director, Francisco Rosado dos Santos, gave a positive assessment of the Angolan banking market, which "evolved very quickly" and is now competing for the European supervisory framework (Basel 3), "a very important step in terms of control, transparency and bank governance".
Furthermore, it also means that the Angolan financial market will be more attractive to international banks "with a different risk that it offers them, in terms of reciprocity and correspondence services", he considered.
He was optimistic about the sale of the shares, highlighting the value of the bank and its brand, "which are recognised", associated with the "very auspicious moment of the capital market in Angola" and the "great dynamism of younger investors", the which induces "strong expectations" as to the outcome of the operation, with demand expected to exceed supply.
BCGA will be the second company and the second bank listed in Angola, after Banco Angolano de Investimentos (BAI) made its debut on the Angolan Debt and Securities Exchange (BODIVA) in June.
The allotment of 25 percent of the capital is intended for three groups of investors: 15 percent of the capital is intended for current Angolan shareholders, 2 percent for employees and members of governing bodies and 8 percent for the general public.
Francisco Rosado dos Santos believes that this price is adequate for the dynamism of the market: "We tried to find a price - and comparing with the other share that is listed - that would allow an Angolan belonging to the general public and who wanted to acquire (shares) without great discomfort to your personal finances".
The Portuguese State, through Caixa Geral de Depósitos, is Caixa Angola's largest shareholder, with the remaining capital distributed between Angolan businessmen António Mosquito and Jaime Freitas (12 percent each), Sonangol EP (24 percent) and Sonangol Holding.
The bank official explained that the bank's Angolan shareholders had pre-emption rights established between shareholders' agreements and facilitated the operation by giving up this right in relation to the total amount being sold and "with this sacrifice" they also have "the possibility of reinforcing a little the capital in the bank in this way".
Investors may amend or revoke the purchase order until the 12th of September and the shares are expected to be admitted to trading on the stock exchange on the 29th of September. They can be subscribed until 15:00 on the 16th of September at one of the 32 branches of the Caixa Angola bank.
The sale of Sonangol's shares stems from the State Privatization Program (ProPRIV), under which 125 companies and assets have already been privatized out of a total of 178 planned, said Ednilson Sousa, representative of the Instituto de Gestão de Ativos e Participações do Estado. (IGAPE) in the same session.
