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The President of the Republic has authorized the Minister of Finance to proceed with the privatization of 34% of the share capital of Standard Bank Angola through an Initial Public Offering (IPO).
The shares that the State holds in Standard Bank Angola are included in the Privatization Program (PROPRIV).
Initially planned for the period 2019-2022, with a total of 195 public assets to be privatized, PROPRIV was extended to the period 2023-2026, through presidential decree 78/23 of March 28.
In dispatch 148/24, the Head of State indicates that the privatization process must respect the corporate rights enshrined for other shareholders, according to agreements made to exercise the right of first refusal on the shares representing 24% of the share capital.
At the beginning of the month, the government’s portal announced the State’s intention to reduce its stakes in the insurer ENSA, Standard Bank, and the Angola Securities and Debt Exchange (BODIVA) by November of this year, leaving the telecommunications company Unitel for 2025.
In the case of Standard Bank, the State will divest 34% of its 49% stake, allocating 24% to the partner shareholder and 10% on the stock exchange, while maintaining 15% within the State’s holdings.
