Ver Angola

Banking and Insurance

State participation in BAI will be sold through the Initial Public Offering

The President of the Republic approved the sale of the shareholding held by the State in Banco Africano de Investimento (BAI), through an Initial Public Offering (OPI) on the Stock Exchange.

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With this decision, decreed through presidential order 201/21, of 23 November, the bank became the first banking entity on the path of the capital market in the country where its shares will be traded on the stock exchange, writes the Market newspaper.

According to the document, the head of State attributed to the holder of the Finance portfolio, Vera Daves, the powers to verify the validity of the acts of the process, namely the hiring of financial intermediation services.

The order, cited by the Market, also defines that the minister may sub-delegate the powers granted to her.

The State's shareholding in BAI is represented by Sonangol (8.5 percent) and Endiama (1.5 percent).

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