Luanda, Sept. 26, 2024 (Lusa) - Angolan state insurer ENSA is to sell 30% of its capital via the stock exchange, through a Public Offering of 720,000 shares at a price of between 6,500 and 12,500 kwanzas, with the prospect of raising 9 billion kwanzas.
The Public Offering (IPO) of shares in Empresa Nacional de Seguros de Angola (ENSA) began on Tuesday and runs until 25 October, the authorities announced today at the presentation of the roadshow in Luanda.
This operation to sell 30% of ENSA's share capital held by the Angolan state, represented by the Institute for the Management of State Assets and Holdings (IGAPE), is part of the Angolan government's Privatisation Programme.
At least 720,000 ordinary, book-entry and registered shares, with a nominal value of 5,000 kwanzas (€476) each, representing 30% of the state capital in ENSA must be dispersed for one month via the Angolan Debt and Securities Exchange (BODIVA).
For this process, 28% of the share capital, which comprises 672,000 shares, is reserved for the purpose of the offer aimed at the general public and 2% of the share capital (48,000 shares) for acquisition by workers (Offer Aimed at Workers), explained the chairman of ENSA's government committee, Mário de Lemos.
The shares in the IPO will be sold at an average unit price between a minimum of 6,499.80 and a maximum of 12,499.80 kwanzas (between €6.1 and €11.9), and the final price of the offer will be set based on the price at which demand within the offer's scope equals or exceeds the offer to the general public within that price range.
Purchase orders for participation in the IPO must be submitted to the placement brokers, namely Standard Invest, BFA Invest and Áurea - Sociedade Distribuidora de Valores Mobiliários.
At a press conference, Dinis Mendes, chairman of Standard Invest's government committee, stressed that the Angolan state should raise 9 billion kwanzas (€8.5 million) from the sale of 30% of ENSA's share capital.
‘Naturally, everything will vary according to demand and supply, as has been described,’ he emphasised.
Mário de Lemos, chairman of ENSA's executive committee, recalled that the offer is open to all national and foreign investors, noting that this action pursues the company's strategic objectives, namely real profitability and operational and financial efficiency.
‘We want to continue providing solutions for the insurance market to grow the organisation's value, and we're also going to broaden our client base,’ he noted.
The head of IGAPE's privatisation department, Hortêncio Sanumbutue, stressed the importance of privatising part of ENSA's capital, saying, without giving any dates, that the state intends to ‘progressively’ disperse the remaining shares to exit the insurer's capital.
The physical and financial settlement of the shares sold in the IPO is expected to occur on 31 October.
DYAS/ADB // ADB.
Lusa
