Luanda, Oct. 1, 2025 (Lusa) - Shares in Banco de Fomento Angola (BFA) shone again on Wednesday on the Angolan stock market, closing at 77,343 kwanzas (around €72), 25% above Wednesday's close and 56% above their initial listing price.
According to the Institute for the Management of State Assets and Holdings (IGAPE), BFA's listing on the stock market was "the largest operation in 2025 on the African continent," reinforcing the credibility of the government's privatisation programme (Propriv).
BFA's listing on the stock market took place on Tuesday, with an immediate enhancement of 25%, the maximum allowed by the rules of the Angolan Debt and Securities Exchange (Bodiva), compared to the initial market entry figure of 49,500 kwanzas (€46), and today, in the second session, the stock shot up another 25%.
The Public Sale Operation was valued at more than 220.8 billion kwanzas (around €200 million), corresponding to around 30% of the bank's share capital, with 15% made available by Unitel and 14.75% by Banco Português de Investimento (BPI).
Demand exceeded the initial supply fivefold, resulting in the addition of around 8,000 new shareholders, notably the bank's own employees, who absorbed virtually the entire 2% tranche reserved for employees, IGAPE said in a statement.
"We are facing a milestone that puts Angola on the radar of major international investors and opens the door for thousands of small national investors to become shareholders in one of the country's largest banks," said Álvaro Fernão, chairman of IGAPE's board of directors, quoted in the press release.
In comparative terms, this Angolan operation surpassed other relevant IPOs on the continent in 2025, according to IGAPE, which points out, for example, that in Benin, the Banque Internationale pour l'Industrie et le Commerce (BIIC) raised between US$170 million and US$175 million (€158 million to €163 million); in Morocco, Groupe Vicenne raised around US$50 million (€47 million) and, in Ethiopia, Ethio Telecom raised only US$24.5 million (€23 million).
The planned operation by the Gabonese banking group BGFI Holding, estimated at between US$160 million and US$220 million (€149 million to €205 million), was ultimately postponed.
For IGAPE, BFA's IPO positions Angola as the African leader in 2025 in the banking and financial sector, confirming it as the largest stock market operation carried out on the continent this year.
"This is not a simple operation. It is proof that Angola has the technical capacity, institutional confidence and a market ready to attract domestic and foreign private investment," Álvaro Fernão emphasised in the statement.
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