News24 | Standard Bank boosts stake in Angola unit after sale of seized shares

A Standard Bank billboard in Talatona, Angola. Standard Bank de Angola’s shares are scheduled to start trading on Bodiva on Wednesday, becoming the seventh company to do so.

Standard Bank de Angola/LinkedIn

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Angola raised 208.5 billion kwanzas (R3.7 billion) from the sale of a 34% stake in Standard Bank Group’s local unit, with investor demand almost double the shares offered and Africa’s biggest lender boosting its controlling interest in the lender.

Investors placed orders worth 403.4 billion kwanzas for shares in Standard Bank de Angola, according to results of the offer emailed on Monday by the Bodiva stock exchange in Luanda, the capital. Johannesburg-based Standard Bank raised its stake in the Angolan unit to 75% from 51%.

Demand was strong among the general public, which sought almost four times the shares reserved for that group. The public shares were sold at 50 000 kwanzas apiece – the top of the offer range.

The shares sold were part of a 49% stake the government seized from former insurance tycoon Carlos São Vicente in 2020.

READ | Standard Bank wants to raise Angolan stake after partner jailed for alleged fraud

Standard Bank had preemptive rights to acquire 24%, with the remaining 10% offered to other investors through Bodiva.

Standard Bank de Angola’s shares are scheduled to start trading on Bodiva on Wednesday, becoming the seventh company to do so.

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