Sonangol pressured to sell BCP stake

The Angolan State petroleum company Sonangol is facing increased pressure to sell its 19.5% stake in bank BCP.

However, the company’s president Sebastião Martins says it has no plans to do so. Speaking on the sidelines of a conference in Luanda, Martins said: “I know that there is a lot of pressure, probably from a series of companies and overseas funds interested in this happening, However, at present there is no indication that BCP could no longer be listed on the stock market,” he said.
According to Bloomberg who ran the report, Sebastião Martins said that the Portuguese bank was currently “in a very positive situation” but reminded that a decision would only be taken after consultation with the Angolan government since it was the owner of Sonangol and therefore 20% of the bank asset.
Sonangol is the second major shareholder in BCP with a 19.49% stake, with a market price of €800 million.
The largest shareholder in the Portuguese bank is the Chinese conglomerate Fosun with 20%. The Chinese group sold around 10% in recent months in a divestment that led to speculation regarding an M&A for BCP. Fosun denied it had any plans to further divest in the bank.
BCP will present its financial accounts on Monday. According to analysts sounded out by Reuters, the bank in expected to report a profit of €835 million in 2023, four times higher than last year.