The bank’s website reveals that its stock market debut is expected at the end of the month. The operation involves the sale of 4.46 million common shares, representing 29.75% of the capital, offered by current shareholders — Unitel, providing 15%, and Banco Português de Investimento (BPI), with 14.75%.
Unitel is currently controlled by the Angolan state following an asset recovery process, and BPI by Spain’s CaixaBank, which acquired an 18% stake in 2017 from Isabel dos Santos, daughter of the former President José Eduardo dos Santos.
The indicative price per share ranges between 41,500 and 49,500 kwanzas (39 and 46 euros), which could yield up to 220 billion kwanzas (206 million euros) for shareholders.
The subscription period is set from September 5 to 25, with the final pricing and result determination on September 26, settlement by September 29, and admission for trading on the Angolan Debt and Securities Exchange (BODIVA) scheduled for September 30.
The transaction’s scale, estimated between 205 and 220 billion kwanzas, makes the BFA’s IPO the largest ever, surpassing previous operations under the privatization program (PROPRIV).
With this listing, BFA becomes the third Angolan bank to be listed on BODIVA, joining BAI and Caixa Angola.
