Africa-Press – Angola. Banco de Fomento Angola (BFA) will once again be in the spotlight, with the announcement that the institution’s two shareholders, Unitel and BPI, are preparing to sell part of their holdings by mid-July through an IPO (initial public offering). The telecommunications operator, 100% controlled by the Angolan state, is expected to sell 15% and the Portuguese bank, owned by the Spanish Caixabank, will place 14.75% of its capital on the market.
The main novelty in this process is the identification of institutional investors who may be interested in acquiring a qualified position in the bank. Along with the London fund Gemcorp, there is now an indication that the Silvestre Tulumba group will participate in this operation.
The change in BFA’s shareholder structure is a long-standing issue. In 2023, BPI held negotiations with the Carrinho group and Gemcorp to sell its entire 48.1% stake, but in July of that same year it halted negotiations, a decision it justified with the continued depreciation of the kwanza, the Angolan currency.
The estimated IPO schedule was communicated to the Angolan Stock and Debt Exchange (Bodiva), and ends up confirming the indication transmitted in December 2024 by the Secretary of State for Finance and Treasury of Angola, Ottoniel dos Santos, according to which the privatizations of Unitel, BFA and Standard Bank, through the sale of shares on the stock exchange, would advance by the end of the first half of 2025.
This new configuration of partial sale of BFA will also lead to a change in the potential candidates for the purchase of 29.75% of the bank’s capital. The Carrinho group, which was in negotiations with BPI in 2023, will not now enter the race, Negócios has learned.
On the other hand, the group led by Silvestre Tulumba Kapose, which is on the rise, should take a step forward. The businessman, who controls Banco de Crédito do Sul (BCS), has already shown interest in entering BFA and also Unitel, which has a 51.9% stake in the bank.
BFA delivered 39 million to BPI
In March this year, the Silvestre Tulumba group announced the creation of an industrial complex in Kikuxi, Luanda, through its subsidiary POIBA – Polo Industrial de Bebidas e Alimentos de Angola, Lda. According to Rádio Nacional de Angola, the unit will be inaugurated in September and is intended to produce essential food products, such as pasta and oil. This type of project has been encouraged by the President of Angola, João Lourenço, who intends to drastically reduce the import of food products, contributing to a reduction in inflation by reducing prices.
Along with the Silvestre Tulumba group, the scenario of Gemcorp maintaining its interest in BFA is outlined by other sources. This London-based group has a significant presence in Angola in the financing of large projects. This year, the fund negotiated financing worth two billion dollars (1.92 billion euros) with Angola.
Gemcorp, which began operating in the country in 2007, is involved in the construction of the new Cabinda refinery and the rehabilitation and expansion of Angola Telecom’s transmission networks. Gemcorp’s founder is Bulgarian Atanas Bostandjiev.
BPI values its 48.1% stake in BFA at €340 million. Under this assumption, the sale of a 14.75% stake could yield around €100 million. In 2024, BFA contributed €39 million to BPI’s €588 million profit.
BFA ranks 39th among the 100 best African banks, in a ranking prepared by African Business Magazine, being the best positioned among Angolan financial institutions.
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