Ver Angola

Banking and Insurance

Caixa Angola president points out increased responsibility with entry into the stock market

The chairman of the executive committee of Banco Caixa Geral Angola (BCGA), João Plácido Pires, said this Thursday that the bank's entry into the Angolan stock market represents "commitment and increased responsibility" to its shareholders.


"Being one of the first participants in the Angolan stock market is a sign that Banco Geral Caixa Angola is committed to being an important player in the Angolan banking sector and hence the adhesion of its shareholders, namely Grupo Caixa, which is the majority shareholder", said the person in charge.

When the Government and Sonangol, an Angolan public shareholder, became interested in leaving the capital by dispersion on the stock exchange, he stressed, "the Caixa group immediately joined the possibility that BCGA would have part of the capital listed on the stock exchange and that become an open society".

Speaking at the end of the session for the admission to trading of 25 percent of BCGA shares, held by the State through Sonangol, on the stock market, João Plácido Pires said that the act translates into increased responsibilities for the banking unit.

"And that also gives us added responsibilities, because we have the duties that any stock exchange student in the world has, and it's more work for the bank's managers and more responsibility", he noted.

"But we are here for that and we are very optimistic about the possibility of following the development of the Angolan stock market from within", concluded the chairman of the BCGA executive committee.

The session for the admission to trading of BCGA shares, via the Angolan Securities and Debt Exchange (Bodiva), represents, according to the authorities, the culmination of the public offer for the sale of the State's share in the scope of the Privatization Program (ProPriv).

The initial public offering comprises 5,000,000 shares representing 25 percent of the share capital of BCGA held by the oil company Sonangol.

The 25 percent share 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.

The Portuguese State, through Caixa Geral de Depósitos, is the largest shareholder of Caixa Angola, with the remaining capital distributed by Angolan businessmen António Mosquito and Jaime Freitas (12 percent each), Sonangol EP (24 percent) and Sonangol Holding.


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