Luanda - The National Insurance Company of Angola (ENSA) is auctioning 720,000 shares, as part of its privatization and Public Offering (OPV), in a process that ends on the 25th of October.
This quantity of shares represents 30% of the company's share capital, and the privatization will be carried out by the Institute for Management of State Assets and Participations (IGAPE), according to a note tha has reached ANGOP.
For this process, two tranches are available: one intended for the general public (672,000 shares, corresponding to 28% of ENSA's Share Capital) and another for this company's employees and members of its Governing Bodies (48,000 shares, equivalent to 2% of Share Capital).
According to the statement, the offer has a price range between 6,499 Kz and 12,499 Kz per share, with the final price determined by market demand.
ENSA was founded shortly after Angola's independence and is a pioneer in the Angolan insurance market. It has consistently launched innovative solutions, adapted to market needs, consolidating its position, with a market share of 26%.
In 2022, it was the only company to appear in the Top 100 of the largest African insurance companies, occupying 46th position, and in 2023 the company recorded a net profit of 5.28 billion kwanzas, driven by the increase in the volume of premiums issued.
Currently, the company's share capital has reached 54.17 billion kwanzas, with a profitability of 10%. The liabilities, mostly made up of technical provisions, totaled 150.89 billion kwanzas at the end of the year, which compares with 96.72 billion in 2022, presenting a coverage ratio of 109%.
The company's net assets also reached 267.94 billion kwanzas (compared to 183.43 billion in 2022), and the value of net reinsurance claims was 32.84 billion kwanzas, resulting in an accident rate of 55%
The note informs that interested parties must register with capital brokers Auria, Standard Bank capital and Angola Investment Bank (BFA).
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