Angola: Millennium BCP and Sonangol agree sale of 49.99 pct of Millennium Angola

26 December 2007

Luanda, Angola, 26 Dec – The Millennium BCP bank and Sonangol have signed an accord with Banco Privado Atlantico (BPA) to acquire a 49.99 percent stake in Banco Millennium Angola (BMA) through an increase in share capital.

The partnership deal envisages that the purchase of 49.99 percent of BMA will be made by a capital increase to be subscribed in cash. It was also agreed that BMA is to acquire a 10 percent stake in BPA.
BCP and Sonangol will formally establish the condition of the strategic partnership in 90 days.
BMA’s executive board, which may have four or five members, will be composed by members appointed by BCP, with the exception of one member, to be appointed by Sonangol. The bank’s chief executive, to appointed by BCP, will have the casting vote but Sonangol can name a vice-chairman. (macauhub)