The Institute for the Management of State Assets and Participations (IGAPE) has decided to interrupt the privatization project of ENSA Seguros De Angola, which started on 10 June 2021. The offers submitted did not reflect the real value of ENSA and its future potential.
The operation involved the sale of 51% of the company's share capital through a tender to national and foreign investors.
Despite the interest of several reference investors, the economic and financial situation due to the Covid-19 pandemic prevented achieving the set objectives.
After several studies, IGAPE has decided to initiate a new process of privatization of the Angolan insurer in order to maximize its value and strengthen its growth strategy.
The new operation consists of the sale of a block of shares through a stock exchange transaction aimed at industrial partners, able to bring value to ENSA, and small subscribers.
Read also | Angolan insurance market [4]