Luanda - The Institute for the State Assets and Holdings Management (IGAPE) started on Thursday the first phase of the privatisation process of Angola’s insurance company, ENSA - Seguros de Angola, SA, as part of the Privatisation Programme (PROPRIV), ANGOP has learnt.
The initial stage of the process involves the sale of 51 percent of the company's share capital, as authorised by Presidential Order No. 81/20, of June 5, 2020, states a note from IGAPE.
In order to achieve this goal, the institution has the support of Banco Millennium Atlântico S.A., in partnership with Millennium Investment Banking, the investment banking area of Banco Comercial Português, S.A., as financial advisors for the execution of this first phase.
The document underlines that the Institute for the Management of State Assets and Participations has been working, since the preliminary phase of the privatisation process, with these entities.
"In this first phase, the sale of shares representing ENSA's share capital will be carried out through a Limited Tender by Prior Qualification, in accordance with the Order of the Minister of Finance, which also approves the Procedure Programme and the Specifications", states the note .
ENSA is the main company in the insurance sector in Angola and has been operating in the market for over 43 years. Since 2000, in a more liberalized market with greater competition, the company has remained firm, with a market share of 37 percent set in 2020.
Last Sunday, the company officially launched a new product called "ENSA Saúde Jovem", during the 10th Edition of the Benguela International Fair - FIB 2021.
ENSA has a wide distribution platform with national coverage, being the only insurance company with its own branch network covering the country’s 18 provinces, complemented by a wide connectivity of partners and intermediaries.
