Africa-Press – Angola. The bond debt securities of the national oil company – Sonangol 2023/2028, totaling seven million and 500 thousand, entered into negotiations, this Friday, on the Angolan Debt and Stock Exchange (BODIVA), where the company seeks for financing.
With 1,486 investors submitting valid orders, demand was greater than the supply, which initially was 75 billion kwanzas. Demand amounted to Kz 83.95 billion, that is, more Kz 8.95 billion.
In the race, 76 companies and 1,410 individuals from 15 of the country’s 18 provinces participated, with emphasis on Luanda (91.25%), Huíla (6.30%) and Huambo (1.03%).
The ceremony for Sonangol’s bond debt to enter the Stock Exchange was symbolized with the ringing of the bell, an act attended by the Minister of Finance, Vera Daves, in the presence of market members.
After the physical and financial settlement of the bonds sold with rates of 17.5% paid semi-annually, the act marks the admission of the second national company, after Standard Bank Angola entered the stock market in 2018, to finance itself through the stock market.
On the occasion, the president of the Board of Directors of BODIVA, Valentina Filipe, stated that the bond issue represents a significant metric of the development of the capital market in Angola.
Valentina Filipe also understands that the act constitutes a relevant indicator for the growth of the business sector, both public and private, as it materializes the possibility of diversifying sources of financing for national reference companies.
On the same occasion, the executive director of Sonangol, Joaquim Fernandes, thanked the investors for the trust placed in the oil company.
“We are committed to maintaining high standards of transparent corporate governance to ensure that our investors continue to trust us,” he said.
State of the oil company
Created in 1976, Sonangol is a public company that was created with the aim of establishing a strategy that would allow the continuation of oil production exploration activities after the proclamation of independence.
Within the scope of its duties, it follows performance standards considered “rigid”, in order to ensure total efficiency and productivity.
According to the financial year, 2022, the company recorded revenues of around 11.6 billion kwanzas (an increase of 8%), net income of Kz 838 billion and a turnover of 6.2 billion kwanzas.
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