The Angolan government intends to privatize state insurer ENSA – Seguros de Angola, with at least one interested party, South African financial group Sanlam, Angolan newspaper Mercado reported.
The South African group took control of Saham Angola Seguros at the end of 2018, which until then was owned by Saham Finances, of Morocco, after acquiring the 53.37% share that was needed to own the entire capital of the Moroccan company.
A source of the Capital Markets Commission confirmed to the newspaper the government’s intention to divest the state-owned and main insurance company of Angola, but there is no schedule for the move or decision on the sales model.
The chairman of ENSA’s board of directors reminded the newspaper that in September 2018, at a meeting with investors on the sidelines of the United States-Angola Business Forum, President João Lourenço said the government intended to divest state holdings in insurance and banking, in particular.
Manuel Gonçalves also said that the process is under the purview of the State Asset and Asset Management Institute (IGAPE), the entity of the Ministry of Finance that is conducting the privatisation process of state-owned enterprises.
The process began with the announcement of the sale of seven companies in the Luanda-Bengo Special Economic Zone, with the submission of proposals until 11 April, part of a batch of 52 that the government intends to privatise.
Sanlam, established in 1918 as an insurance company, evolved over time into a diversified financial services group listed on the Johannesburg and Namibian stock exchanges. (Macauhub)