In a major development in Africa’s capital markets, Angola has launched its first initial public offering (IPO), which could lead to a slew of privatizations of some of the country’s biggest conglomerates. In June, Banco BAI, Angola’s largest private bank, floated a 10% stake following the country’s first initial public offering (IPO), viewed by observers as an important step in the government’s modernization drive. Under President Joao Lourenco, the southern African OPEC member has embarked on ambitious reforms to overhaul the state-dominated economy and attract private investment. In the BAI IPO, state-owned oil and diamond companies Sonangol and Endiama completely sold their stakes in the bank. The government reportedly plans to sell its stakes in several companies, including television and telecommunications provider TVCabo Angola, bank Caixa Angola, oil company ACREP and fuel retailer Sonangalp.

Source: The North Africa Journal August 12, 2022 18:13 UTC