Angola is offering investors shares worth as much as $261 million in Standard Bank de Angola, turning part of a stake seized from a former insurance tycoon into publicly traded stock.
The country’s Capital Market Commission has approved the sale of 4.76 million shares, representing 34% of the bank, according to the regulator’s official announcement.
The offering will run from September 11 to September 25, while trading on the Angola Debt and Securities Exchange, known as BODIVA, is expected to begin on September 30, Reuters reported after reviewing the transaction documents.
Shares will be offered at between 41,220 and 50,000 kwanza each. At the exchange rate cited in the offer documents, Angola could raise approximately $215 million at the bottom of the range or $261 million at the top.
The maximum figure is not guaranteed. The final proceeds will depend on the price selected and how many shares investors purchase.
