Standard Bank offers shares seized from tycoon

Angola is offering investors shares worth as much as $261m in Standard Bank de Angola, turning part of a stake seized from a former insurance tycoon into publicly traded stock, reports Business Insider Africa. The country’s Capital Market Commission has approved the sale of 4.76m shares, representing 34% of the bank, according to the regulator’s official announcement⁠. The offering will run from 11 to 25 September, while trading on the Angola Debt and Securities Exchange, is expected to begin on 30 September, Reuters reported⁠. SA-based Standard Bank Group already owns 51% of Standard Bank de Angola and has the right to purchase an additional 24 percentage points through the offering. If it takes up the full allocation, the group’s interest would increase to 75%. The remaining 10 percentage points included in the sale will be available to other investors, while the Angolan state is expected to retain a 15% interest. Standard Bank had already signalled its interest in expanding its Angolan business. The shares being offered form part of a 49% interest previously controlled by Carlos São Vicente, the former chairman of insurance company AAA Seguros. Angolan authorities seized the interest before São Vicente was convicted in 2022 of offences, including embezzlement, tax fraud and money laundering. He received a nine-year prison sentence. The details of his concluded conviction provide the background to how the state obtained the shares. The present transaction is not a new prosecution or court action against him. No amount allegedly connected to his criminal case is required to establish the value of this offering.