Luanda — According to the Angolan Debt and Securities Exchange (BODIVA), the public offering (OPV) of 29.75% of Banco de Fomento Angola (BFA) shares on the stock exchange, which was completed last week and raised 242 million U.S. dollars, was the largest transaction carried out in the country and in Africa this year.
BODIVA considers this transaction a landmark achievement in the development of the domestic capital market and proof of the growing strength and credibility of African stock exchanges.
The statement adds that the size of the offering and notable investor demand reflect confidence in the institution and the Angolan Debt and Stock Exchange’s role as a robust, transparent, and secure investment and financing platform.
Demand for the 4.4 million BFA shares sold on the primary market reached a bid-to-bid coverage ratio of 506.37%, peaking at 1.1 billion US dollars. The offer coverage ratio reached 1.09, satisfying 10,300 of the 11,009 registered offers.
This was the first transaction with international offers, though over 99% of the offering was backed by domestic funds.
The BODIVA stock market currently includes five listed companies: Banco Angolano de Investimento (BAI), Banco Caixa Angola (BCA), BFA, the insurance company ENSA, and BODIVA itself.
The total market capitalization of the Angolan market amounts to 3.37 billion U.S. dollars. ACC/QCB/AMP