The Angolan State Asset Management and Participation Institute (IGAPE) is now part of the shareholder structure of Recredit – Gestão de Activos, with a 5.0% stake, according to a presidential decree.
The ruling published in the Diário da República bulletin on 22 July said IGAPE’s entry into Recredit’s share capital means the company has now been changed from anonymous sole proprietorship to multi-proprietorship, according to the Angop news agency.
With this change, Recredit – Gestão de Activos will now focus exclusively and specifically on managing financial assets of state-owned bank Banco de Poupança e Crédito, acquiring them at their fair market value and, on managing equity, financial and property assets with a view to their disposal.
The presidential decree authorises the establishment of a Strategy and Monitoring Committee, a collegiate body to monitor the Board of Directors in its planning and management activities, which will issue opinions on the acquisition and recovery of non-performing loans, as well as on asset management.
Recredit was created in 2017 to manage bad loans at Angolan public banks, and the same year the state allocated US$2 billion to the company to buy bad loans from the banks and facilitate the recovery of the economy.
Bad loans to banks operating in Angola reached 28.3% or US$3.35 billion in 2018 out of a total of total loans of 4.16 billion kwanzas (US$11.84 billion). (Macauhub)