Angola’s national oil company Sonangol will be listed on the stock exchange after the country’s debt and stock exchange agency (BODIVA) approved its admission to the bourse.
BODIVA says at least 75 billion kwanzas ($90.9 million) of Sonangol’s private bonds would be floated on September 13.
“The results of the offer will be disclosed later that day on the BODIVA website,” the stock exchange agency regulator said in a statement on Monday.
On September 15, the bell will be rang to officially mark the introduction of Sonangol in the stock market.
Live transactions for Sonangol’s shares will begin thereafter, BODIVA said.
Privatisation
Each bond will retail at a unit price of 10,000 kwanzas ($12.12). The buyers would be eligible for an interest rate of 17.5% per annum, BODIVA said.
Persons willing to trade in the bonds must be residents of Angola or have legal businesses in the country.
Banco de Fomento Angola (BFA) and Standard Bank will be responsible for floating the bonds.
In June this year, the government said plans were underway to complete the privatisation of Sonangol.
According to the Angolan government, Sonangol, which is the second largest oil producer in Africa, will be privatised by 2026.
‘Vast heritage’
Patricio Vilar, the chairperson of the Institute for Management of State Assets and Stakes (IGAPE), said in June that Sonangol’s privatisation will take a bit long to finalise because of its “vast heritage in the world.”
Sonangol produces almost 2 million barrels per day. The sale of government shares in the company began in 2021, when the state placed 30% of its stake on offer.
In October 2021, the Angolan government said Sonangol’s privatisation would “create a lean and internationally competitive oil and gas operator.”
The firm, with 13,000 employees, has an asset value of $51.5 billion, according to the Sovereign Wealth Fund Institute.
