The share sale of 34% of the shares in Standard Bank de Angola was wrapped up on 25 September. According to news reports of the press release issued by the Angolan stock exchange Bolsa de Dívida e Valores de Angola (BODIVA) on 28 September, the public offer – for 10% of the total shares – was heavily oversubscribed.

Here is a recent report in English from Bloomberg giving details of the share offer as announced by BODIVA.

The share allocations are due to be settled today 29 September and the shares to be listed for trading on BODIVA from 30 September. It will be the seventh company on the equity market.

The sale of 34% of the shares in the bank reportedly raised AOA 208.5 billion ($227.5 million) for the Government, The Initial Public Offering (IPO) was open from 11 – 25 September. It was made up of 10% of the total shares to the public, and 24% to Standard Bank in South Africa, which currently owns 51% of the shares and has the right to buy another 24% of shares.

In total 4.76m shares were offered, at AOA 41,220 ($45) for existing shareholders (Standard Bank) and AOA 50,000 per share for the public. According to the reports: “Of the total shares, 24% were reserved for the shareholder SBGL [Standard Bank Group] and 10% for the general public, with an overall coverage rate of 182%, particularly in the general public segment, where demand reached 379%.” There are 6,215 new shareholders and each of the public applicants was scaled back to about 26% of what they had applied for.

According to this article in Business Day South Africa, this is a disposal of shares that the Government had seized from former insurance tycoon Carlos Sao Vicente.

Carla Nogueira, an executive board member at the Institute for the Management of State Assets and Holdings (Instituto de Gestão de Activos e Participações do Estado – IGAPE) said it is another decisive moment for the capital market and the privatization programme (PROPRIV). She told a roadshow ceremony for the IPO that the six previous privatizations attracted a total of 25,000 investors who offered AOA 1.6 trillion, some 2.7 times the expected market capitalization of the offered companies, according to this article on Ver Angola.

The 15% remaining stake held by IGAPE is expected to be transferred to the Angolan Sovereign Wealth Fund Fundo Soberano de Angola. FSDEA. Fábio Guedes, CEO of Standard Invest, noted that Standard Bank is not selling, but buying shares to strengthen its position in the Angolan bank and all the shares will be admitted to trading.

The Comissão do Mercado de Capitais (Capital Markets Commission) approved the public sale .

Here is the news report (in Portuguese) of the offer results on Journal Economico, and here is an earlier report (Portuguese) in Jornal Mercado.