In a bid to dispose of assets recovered from the anti-corruption campaign in Angola, the country has approved the public share offer of 34% equity stake in Standard Bank Angola with an aim of raising to $228 million from the sale of shares owned by Carlos São Vicente, a convicted businessman.
When Will the Standard Bank Angola IPO Be Held?
The public share offer will be held from September 11 to September 25, 2026.
Share trading on the Angola BODIVA stock exchange will commence on September 30.
The government will issue 4.76 million shares, representing a 34% equity stake in Standard Bank de Angola.
The price of the shares ranges from 41,220 kwanza ($45.16) to 50,000 kwanza per share.
Who Will Buy the 34% Stake?
The sale will be split into two parts: one for Standard Bank Group and another for the public.
Standard Bank Group, which at present holds 51% of Standard Bank de Angola, is entitled to purchase 24% of the shares. Should it take up the offer, the bank would end up owning 75%.
The other 10% stake will be on offer to the public, offering an opportunity for Angolan investors to invest in one of the major banks of their country.
This is just one of the transactions that Angola intends to make as part of its plan to sell its seized property in the wake of the anti-corruption operation.
What Is Carlos São Vicente?
The shares up for sale were previously owned by Carlos São Vicente, an ex-executive of an insurance company, who was convicted in Angola on corruption charges.
As a result, the assets belonging to São Vicente were seized as part of legal actions and the overall effort of Angola to recover corruptly gained assets.
Afterwards, the state gained possession of the stake and is now selling it through the capital market.
The deal is thus not only a big business transaction, but also yet another attempt made by the government of Angola to monetize recovered funds.
Implications for Standard Bank Angola
Should the parent company choose to exercise the right of purchase for the whole amount of shares offered (24%), then it will increase its stake in the bank from 51% to 75%.
Alongside that, the IPO will help increase the participation of local shareholders through the sale of the remaining 10%.
Finally, the IPO can also contribute to the development of the capital market of Angola as a new instrument for attracting investment in listed assets.
What Is Next?
The subscription period for investors is scheduled to take place during September 11-25. The shares will start trading on BODIVA from September 30.
The main question here is whether Standard Bank Group will use the right of purchase for the additional 24%.
Conclusion
The proposed sale of shares from Standard Bank de Angola in Angola is one of the largest asset sales in relation to the country’s efforts in tackling corruption. With the 34% stake potentially yielding as much as $228 million and Standard Bank of Group possibly owning 75% of the company’s shares.
The IPO will also be a measure of the willingness of investors to invest in Angola’s capital markets.
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