Angola raises $228 million from Standard Bank unit share sale

LUANDA, Sept 29 (Reuters) — Angola's government raised 208.5 billion kwanzas ($228.4 million) through the sale of a 34% stake in the local unit of South Africa's Standard Bank Group, with demand nearly twice the shares on offer. The transaction reduced the government's stake in Standard Bank de Angola to 15%, after it seized a 49% shareholding from jailed tycoon Carlos Sao Vicente, who is serving a nine-year prison sentence on charges including embezzlement Standard Bank Group increased its stake to 75% by acquiring a 24% stake reserved for it as part of the sale. A 10% stake was sold to the public Investors placed orders worth 403.4 billion kwanzas, according to final offer results released by Angola's BODIVA exchange on Monday, with retail demand almost four times the shares allocated The offer price ranged from 41,220 kwanzas to 50,000 kwanzas per share The bank's shares are due to begin trading on the BODIVA exchange on Wednesday, becoming the seventh company listed on Angola's stock market since the exchange's first listing in 2022 ($1 = 913.0000 kwanzas) (Reporting by Miguel Gomes; Additional reporting by Sfundo Parakozov; Writing by Nilutpal Timsina; Editing by Alexander Winning and Jan Harvey) ((Nilutpal.Timsina@tr.com)