The Angolan State has generated over 70 billion kwanzas (70 million euros) from privatizing State-owned assets in banking and insurance, according to Finance and Treasury Secretary Ottoniel dos Santos on October 30. Speaking at the stock market listing of ENSA, Angola’s State-owned insurance firm, dos Santos highlighted the success of the operation, which saw ENSA make 30% of its shares public after an initial failed tender. ENSA now joins banks BAI and Caixa Angola on the stock exchange.
The state raised more than 70 billion kwanzas from these stock exchange operations, with demand averaging over 158%. In June 2022, the sale of a 10% stake in BAI generated 40 billion kwanzas, marking it as the first listed company on Angola’s stock exchange, Bodiva. Banco Caixa Geral Angola followed with a 25% public offering, yielding 25 billion kwanzas, and ENSA’s recent listing added 8.9 billion kwanzas.
Santos noted strong investor interest, with ENSA’s offer attracting over 1,800 orders and a demand coverage of 174% across 14 provinces, signaling rising confidence in Angola’s capital markets. The government aims to continue reforming public enterprises, promoting transparency, and creating competitive opportunities. Listing state assets on the stock market, Santos stated, allows the State to reduce its economic role while strengthening the capital market and expanding investment options.