The board of directors of Angolan state oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) plans to take advantage of the capital increase at Portuguese bank Banco Comercial Português (BCP) to boost its shareholding in the bank, Portuguese newspaper Diário Económico reported.
The bank is preparing a capital increase of 500 million euros which, if shareholders fail to take it up, will be taken on by the Portuguese state at a price of 0.04 euros per share.
However, the bank’s main shareholders, with some exceptions, plan to be part of the capital increase in order to prevent their stake-holdings from being diluted, and also to prevent the Portuguese state taking a share in Portugal’s largest private bank.
In the case of Sonangol, which is BCP’s largest shareholder, Diário Económico said that the Angolan state company plans to take advantage of the operation to increase its position which, at the end of 2011, was of over 11 percent, by buying up the rights of other significant shareholders, and even of small shareholders.
BCP currently has over 180,000 shareholders.
Sonangol has received authorization from the Bank of Portugal to boost its stake in BCP to up to 20 percent. (macauhub)