Angola approves sale of 34% stake in Standard Bank unit seized from tycoon

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

Source: Reuters