Angola State Clears Standard Bank de Angola Sale of 34% Stake for Public Offering

Angola's Capital Market Commission approved the sale of a 34% stake in Standard Bank de Angola, clearing the path for the lender to list shares on the Angolan stock exchange known as BODIVA. An offer of 4.76 million state-held shares was authorized with subscriptions open from September 11 to September 25. Trading is expected to commence on September 30 at prices ranging between Kz41,220 and Kz50,000 per share. At these valuation levels, the state's portion represents a value between Kz196.2 billion and Kz238 billion. Including all 14 million shares to be admitted to trading, the bank's total market value will range from Kz577.1 billion to Kz700 billion. Standard Bank Group owns 51% of the Angolan lender and retains the right to purchase an additional 24% allocation equal to 3.36 million shares. If Standard Bank acquires its maximum share of this offering, its ownership percentage will reach 75%, leaving the Angolan state with a remaining 15% stake worth between Kz59.8 billion and Kz74.3 billion. The government currently holds 49% of the entity after taking shares previously owned by businessman Carlos São Vicente. This transaction is part of Angola's PROPRIV privatization program designed to reduce state ownership in businesses and increase capital market activity. The listing marks another bank entering BODIVA, following previous debuts such as Banco Angolano de Investimentos.