Angola Raises 208.5 Billion Kwanzas Selling Standard Bank Stake

The Government of Angola raised 208.5 billion kwanzas, approximately R3.7 billion, through the sale of a 34% stake in Standard Bank de Angola. These shares were part of a 49% stake the state seized from former insurance tycoon Carlos São Vicente in 2020.

Standard Bank Group increased its controlling interest in the local unit from 51% to 75% by exercising preemptive rights to acquire 24% of the shares. The remaining 10% were offered to other investors via the Bodiva stock exchange. Demand for these public shares nearly doubled the available supply, with investors seeking almost four times the reserved amount. The shares sold at the top offer price of 50,000 kwanzas each.

Shares of Standard Bank de Angola are scheduled to begin trading on Bodiva on Wednesday. This listing marks the seventh company to join the exchange.