The public insurance company is one of the 195 companies that the Government enrolled in the privatization program launched last year (PROPRIV) and which includes several assets in the financial sector.
Carlos Duarte stated that "the possibility of making a total or partial sale is not prohibited", and all possibilities must be evaluated.
"Everything is open and this gives greater possibility to attract any type of investors", said the chairman of the Board of Directors of ENSA - Seguros de Angola.
According to the same official, ENSA expects to have the entire consultancy, financial assessment and due diligence process completed in November.
"I think that, at the end of this month, there will be conditions to put the operation on the market," he said.
Between December and February or March, "the operation will be on the market", and the tender to receive proposals from potential investors must be opened by that time and Carlos Duarte estimates that the process will end in April. Only then will it be known whether there will be a second phase.
"Depending on the result of the tender, the shares that are not sold in the first phase may be placed on the Luanda stock market through an IPO (Initial Public Offering) in a period that can go from three to five years", he stressed, stressing that the strategy will depend on the results obtained.
Everything will depend on "the dynamics and the appetite" that the operation generates in the international market, although Carlos Duarte admits that the moment we are living "is not the best, because there is a crisis of confidence" also due to the pandemic of covid-19.
More important than the price, he stressed, without advancing prospects for financial inclusion "will be the company's long-term sustainability".
Asked about the expressions of interest that the company has already raised, Carlos Duarte said that there were "positive signs" from operators in the region, namely from South Africa, Southeast Asia, China and Europe, but not from Portugal so far .
As for the insurance company's future, it goes through "strategic initiatives very focused on the company's efficiency and the repositioning of its 'core business'", through divestment in some activities and breakdown of others, hitherto internalized.
For example, ENSA has chosen to close its medical center and will look for partnerships in this area, such as real estate.
Carlos Duarte stressed that the management of the insurance company's real estate, a legacy of the past and "which represents a great burden in terms of management", will now be made by a fund, an assessment that is currently underway, promising more details in the coming weeks.
ENSA owns about a hundred properties, mostly residential, with around 1000 tenants.
The head of the insurer also guaranteed that, during the privatization, no collective dismissal processes will be carried out. However, "here and there" in the non-core business units "there will be a transfer of these people and the assets assigned to this activity" to others where ENSA is going to invest.
Among these are the provision of health, real estate and expertise and investigation of patrimonial risks, areas where ENSA intends to create partnerships with dedicated and specialized entities.
The publicly owned insurance company currently employs 600 workers.
