{"id":9158,"date":"2022-06-03T10:39:05","date_gmt":"2022-06-03T10:39:05","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/angola-privatisation-optimism-as-test-bank-ipo-prices-at-top-of-range"},"modified":"2022-06-03T13:50:21","modified_gmt":"2022-06-03T13:50:21","slug":"angola-privatisation-optimism-as-test-bank-ipo-prices-at-top-of-range","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/angola-privatisation-optimism-as-test-bank-ipo-prices-at-top-of-range","title":{"rendered":"Angola privatisation optimism as test bank IPO prices at top of range"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>Angola’s privatisation push got a boost on Wednesday, when the initial public offering (IPO) of a 10% stake in BAI – Angola’s largest private bank – was well received by the markets.<\/b><\/p>\n

The initial public offering (IPO) of a 10% stake in Angola\u2019s largest private bank BAI, seen as a test case in a far-reaching privatisation push, has been priced at the top of an indicated range, BAI said on Wednesday.<\/p>\n

The southern African country is trying to modernise its economy and attract private investment, and the local stock exchange hopes BAI\u2019s listing will set the stage for many more.<\/p>\n

BAI said in a statement that the final price of the shares offered by state-owned oil and diamond companies Sonangol and Endiama had been set at 20,640 kwanzas (roughly $50) per share.<\/p>\n

A prospectus had earlier indicated the price range was between 17,200 and 20,640 kwanzas.<\/p>\n

At 20,640 kwanzas, the 10% stake sale will raise over $97 million, according to a Reuters calculation.<\/p>\n

OPEC member Angola plans to privatise more than 60 state assets this year, though the sale of a 30% stake in Sonangol, seen as the crown jewel of the privatisation drive, could take another two years.<\/p>\n

BAI said more details about the IPO would be disclosed on Thursday, ahead of the listing planned on the BODIVA exchange on June 9.<\/p>\n

BODIVA was founded in 2014. But with Angola\u2019s economy dominated by state-owned companies \u2013 a legacy of its socialist past \u2013 the exchange has mainly served as a market for government bonds, trading debt of around $2 billion in 2020.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. Angola’s privatisation push got a boost on Wednesday, when the initial public offering (IPO) of a 10% stake in BAI – Angola’s largest private bank – was well received by the markets. The initial public offering (IPO) of a 10% stake in Angola\u2019s largest private bank BAI, seen as a test case […]<\/p>\n","protected":false},"author":84,"featured_media":9157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,337,329],"class_list":["post-9158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nAngola privatisation optimism as test bank IPO prices at top of range - Angola<\/title>\n<meta name=\"description\" content=\"Angola's privatisation push got a boost on Wednesday, when the initial public offering (IPO) of a 10% stake in BAI - ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/angola-privatisation-optimism-as-test-bank-ipo-prices-at-top-of-range\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Angola privatisation optimism as test bank IPO prices at top of range\" \/>\n<meta property=\"og:description\" content=\"Angola's privatisation push got a boost on Wednesday, when the initial public offering (IPO) of a 10% stake in BAI - 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