Luanda - The Institute for the Management of State Assets and Shareholdings (IGAPE) plans to promote, in the coming days, a new privatisation process of 51% of the share capital of ENSA- Angola’s Insurance, via the stock exchange.
IGAPE’s decision is intended to bring an end to the privatisation procedure of the 51% of ENSA's share capital, as it had received proposals outside the real value of the company.
"The proposals presented also do not reflect the future potential, as clearly results from the positive evolution of their results", stated IGAPE, in a press release reached ANGOP.
IGAPE adds, after the completion of the various stages provided for in the procedure and based on the award criteria foreseen, it intends to promote a new privatisation process for the Insurance Company, in order to maximize its value and reinforce its growth strategy.
As a reference company to speedup the Angolan capital market, the prospective procedure will consist of the sale of a block of shares, preferably through a procedure on the stock exchange.
The envisaged process will make it possible to include industry partners, capable of adding value and know-how to ENSA and small subscribers, in particular employees.
The ENSA privatisation procedure was opened a year ago, on June 10, 2021, and cover the sale of 51% of the respective share capital through a Limited Tender by Prior Qualification, addressed to national and foreign investors.
According to IGAPE, the process attracted the interest of several leading investors, both in Angola and in other countries. However, the troubled economic and financial context due tothe impact of the Covid-19 pandemic, prevented the achievement of the intended objectives.
"The changes in Angola's macroeconomic context for a new growth cycle encourage future prospects, associated with the opening of the stock market in BODIVA", states the document.
IGAPE is convinced of the existence of factors that will greatly contribute to the enhancement of ENSA and the maximisation of the economic and financial results of privatisation.
Also for IGAPE, the privatization process that is ending has not allowed it, over several months, with the involvement of IGAPE, ENSA and their advisors, to carry out an extensive set of tasks that today demonstrate the unique opportunity to invest in a market leader, in a sector of activity with clear development prospects and particularly relevant to the Angolan economy.
The same assumptions, adds IGAPE, plus a better performance by the insurer, will govern the privatization process that will follow.
