Angola’s Capital Market Commission (CMC) has approved the public sale of a 34% stake in Standard Bank de Angola, clearing the way for the lender’s stock market debut and advancing the disposal of shares seized by the state from businessman Carlos Sao Vicente.
The regulator approved the sale of 4.76 million shares, representing 34% of the bank’s share capital, according to documents released by the regulator.
The government owns 49% of the bank after seizing the stake from former insurance tycoon
The offer will run from September 11 to 25, with trading on Angola’s BODIVA exchange expected to begin on September 30.
Standard Bank Group owns the remaining 51% and has the right to buy an additional 24% stake in the Angolan business.
The offer document reserves 24% of the shares on sale for Standard Bank Group, with the remaining 10% offered to the public.
The offer price range is 41,220 kwanza ($45.16) to 50,000 kwanza per share
