Ver Angola

Banking and Insurance

Shareholders strengthen position in Caixa Angola and applaud listing

The Angolan shareholders of Caixa Angola bank will reinforce their position, each with 19.5 percent of the capital, and believe that the listing will be a success.

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Caixa Angola this week started an Initial Public Offering for the sale of 5,000,000 shares in the bank, representing 25 percent of the total, with a view to privatizing the capital that was in the hands of the State, through state oil company Sonangol.

Of this percentage, 15 percent goes to shareholders António Mosquito and Jaime de Freitas, two Angolan businessmen who already held 12 percent each and who, as a Caixa Angola administrator explained, at the launch of the operation abdicated from exercising their right preferably.

Angolan shareholders had pre-emption rights established between shareholders' agreements and facilitated the operation, giving up this right in relation to the total amount being sold, now having "the possibility of strengthening the bank's capital in this way", said Francisco Rosado dos Santos, on Monday.

Asked by Lusa about whether he would acquire the 7.5 percent allocated to them, Jaime de Freitas replied in the affirmative, admitting that he could even increase, if the other partner abdicated this right.

“I think the operation will be a success and the vast majority of shares will be sold at maximum value,” the Angolan businessman with interests in the automotive, financial and tourism sectors told Lusa.

Jaime de Freitas also foresees an appreciation of the shares in the short term, as an improvement in the bank's results is expected for this year.

António Mosquito also told Lusa that he will strengthen his position up to the limit of 7.5 percent, which he considers a positive development for the bank.

“Privatization gives shareholders the possibility to work with the bank. It is good for the bank, for Angola and for all partners, from my perspective”, said the businessman and owner of the GAM group, linked to banking, agriculture, construction, oil, hotels and real estate.

The shares have a price range between 4,250 and 5,000 kwanzas, which will allow the Angolan State, through Sonangol, to cash in a maximum of 25 billion kwanzas.

In addition to the quota reserved for Angolan shareholders, another 2 percent goes to employees and members of governing bodies and 8 percent to the general public.

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.

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