[2019-03-19] Banco Angolano de Investimento plans to increase capital by incorporation of reserves

Source: Macauhub

The shareholders of Angolan bank Banco Angolano de Investimento (BAI) will consider a proposal to increase the bank’s share capital from 14.7 billion to 157.5 billion kwanzas (US$496.5 million) during the general meeting, the Angolan press reported.

The proposed capital increase of 972% will be carried out through the incorporation of reserves, and shareholders are not required to supply fresh cash, according to the announcement of the general meeting.

The Valor Econômico newspaper reported that the group of shareholders includes Sonangol Holding Limited (8.50%), Oberman Finance Corp (5.00%), Dabas Management Limited (5.00%), Mário Abílio Palhares (5.00% ), Theodore Jameson Giletti (5.00%) and Lobina Anstalt (5.00%), in addition to Coromais Participações Lda. (4.75%), Mário Alberto dos Santos Barber (3.87%) and unidentified “Others”, who account for 57.88% of the capital.

If the capital increase is approved, BAI will become Angola’s second largest bank in terms of capital, behind state-owned Banco de Poupança e Crédito (BPC), whose capital exceeds 216 billion kwanzas, held by the State (75%), teh Armed Forces Social Security System (15%) and the National Institute of Social Security (10%).

The general meeting to discuss BAI’s capital increase is scheduled for 28 March, and will also “deliberate on the proposal to apply the results of the 2018 financial year, to make a general assessment of the management and supervision of the bank,” and the “statement on the remuneration policy of the members of the governing bodies approved by the remuneration committee.”