Cristina Lourenço, President of Bodiva, emphasized the need for more listed companies on the Angolan stock exchange, noting that there are good investment opportunities, particularly with four IPOs planned in the coming months.
“There is more demand than supply. We want more companies listed on the Angolan stock exchange,” said Cristina Lourenço, President of Bodiva – Angola’s Debt and Securities Exchange – during the Doing Business Angola conference.
The head of the institution, who is also the daughter of Angolan President João Lourenço, was a speaker at the third edition of the annual conference dedicated to business in Lusophone countries. The event was organized by Forbes África Lusófona and Jornal Económico, and held at the Ritz Four Seasons Hotel in Lisbon. She spoke about Bodiva and the structuring of Angola’s financial market.
She pointed out that, in addition to the four companies already listed on the Angolan stock exchange, more interesting investment opportunities are expected under Angola’s privatization program, PROPRIV, with four companies expected to be privatized by the end of 2025: BFA Bank, Unitel, TV Cabo Angola, and SBA. She did not provide further details about the IPOs but reminded the audience that these will be major operations.
“The highlight is that the combined size of the previous four PROPRIV IPOs is smaller than just one IPO of BFA or Unitel. So, we’re emphasizing this investment opportunity, whether for Portuguese companies already operating in Angola or for resident and non-resident investors.”
Angola’s GDP has shown an upward trend over the past five years, reaching an estimated €73.3 billion in 2024 – a €14 billion increase from the previous year.
Cristina Lourenço began her speech by reinforcing an earlier point made at the conference: “There is no sustainable economy without a capital market.” She presented Bodiva’s mission to promote the sustained development of the regulated securities and derivatives market. According to her, the institution aims to contribute effectively to the sustainable financing of Angola’s economy.
The macroeconomic environment in Angola remains challenging, with inflation at 27.5% in 2024. Nevertheless, the country’s GDP continues to grow, as does market capitalization, which now represents 15.61% of the estimated GDP.
Bodiva Aims to Be an Investment Platform
As the managing body of Angola’s capital market, active since 2014, Bodiva aims to position itself as a strategic partner for economic agents and become a medium- and long-term financing platform. The Angolan market has seen a rising number of transactions, reaching a historic record in 2024, with 10,328 deals. Bodiva-listed shares have grown by approximately 58%.
“Since 2014, Bodiva has been preparing to offer the market various investment opportunities. We started in 2016 with the treasury bond and bill market, which remains the most active trading segment,” explained Cristina Lourenço. She noted that in 2018, Bodiva registered its first corporate bond issuance, and in 2021, it revamped its renegotiation systems.
“In 2022, our equities market was activated, with the listing of BAI and BCGA banks. That year was marked by the launch of new segments. Understanding our economy and business landscape, we realized that equity issuance wouldn’t be the immediate first step, which is why we initially focused more on the treasury securities market,” she explained. Also in 2022, the REPO (repurchase agreements) and SME markets were introduced, though the latter is not yet active.
Between 2023 and 2024, there was a significant shift in the capital market. “Until then, it was mainly banks that operated in our market, but this responsibility has transitioned to brokerage and distribution firms. Banks remain in the market but now act solely as clearing agents, with some participating in the structuring of public offerings,” said Cristina Lourenço.
BAI has appreciated 249% since its IPO, while BCGA has grown 210%. Overall, Bodiva-listed shares have increased by around 58%.
Bodiva currently has four listed companies, all resulting from partial state privatizations, and all have significantly appreciated since their listing. BAI, for instance, has grown by 249% since its IPO, and BCGA by 210%.
According to the president, “The number of investors is still relatively small: just under 40,000, including individuals and corporates. However, despite this figure, the volume of transactions continues to rise.”
Looking ahead, Cristina Lourenço stated that Bodiva’s goal is to continue promoting financial literacy. “Because having a company ready to go public without investors who can assess its value makes no sense,” she concluded.
Forbes África Lusofona , 06/02/2025
