By: Energy capital & power

Angola’s stock exchange BODIVA aims to list at least 10 companies by 2028, including state-owned Sonangol and Endiama. Ahead of the Angola Oil & Gas (AOG) conference – taking place September 3-4 in Luanda – Energy Capital & Power spoke with BODIVA’s CEO Cristina Dias Lourenço about the impact of anticipated IPOs; strategies for financing oil and gas projects; and how the country is transforming into a financial hub. 

What is the status of ongoing IPOs and what is their anticipated impact on the economy?

The goal to list 10 companies by 2028 underlines our strategic objective of financing the expansion of key companies through our markets, while ensuring investors have more instruments to trade in the exchange. The anticipated impact is financing economic growth by proxy of increasing the market cap to GPD ratio to around 17%. Sonangol and Endiama’s listing will surely contribute to this ratio. Regarding their status, it’s important to note these listings are part of the Angolan Government’s Privatization Program and are currently being prepared by the Institute of State for Management of Assets, as the owner of the process, in close coordination with the supervising ministries, financial intermediaries and other stakeholders, and all updates on the status are publicly announced by IGAPE.

Why do you believe public listings on BODIVA represent a strategic solution for capital raising in Angola’s hydrocarbon sector?

The hydrocarbons sector is complex in that it´s capital-intensive and requires swift cash flow management. Currently, the banking sector still plays a pivotal role in their funding mix. Yet, we see an opportunity for local companies to resort to local capital markets for funding. BODIVA provides an efficient, regulated and transparent markets for mobilizing domestic savings and attracting foreign capital.

Etu Energias’ announcement of a debt issuance is a clear sign of the growing maturity of our market and will serve as a benchmark for other companies in the sector. It is a solution well-adapted to the sector’s needs, allowing companies to finance strategic projects, retain shareholder control, while simultaneously contributing to the development of the secondary bond market.

What do companies need to do to qualify for debt emissions on the BODIVA exchange?

Companies willing to issue debt on BODIVA must meet the criteria defined in the Debt Market Regulation, including: at least three years of activity; issuance amount of AOA 60 million, minimum; complete prospectus; and financial and management reports of the last three years (of which, at least the last should be audited).

What steps has BODIVA taken to support oil firms through the IPO process?

BODIVA has been continuously working on building capacity, raising awareness and providing technical assistance to companies in the sector, including through workshops, bilateral meetings and tailored briefing sessions with potential issuers. We are also working to simplify procedures and improve listing timelines, in coordination with the Capital Markets Commission (CMC), and in partnership with investment banks, advisors and auditors.

How do you see BODIVA transforming perceptions of Angola as a financial hub? What investor safeguards are being introduced?

BODIVA has been a central agent in promoting trust and predictability within Angola’s financial system. The adoption of international financial reporting standards, active oversight by the CMC, the transparency of our trading and settlement mechanisms and our affiliation to international organizations as the WFE and AMEDA all reinforce the credibility of the Angolan Stock Market. With regards to Investor protection mechanisms, we are implementing a Settlement Guarantee Fund which will further enhance security and make Angola a more attractive destination for foreign institutional investment.

How can financial markets like BODIVA support local Angolan services companies to take advantage of large capital-intensive projects?

Through our markets, local service providers have access to a virtually ‘unlimited’ pool of investors which can finance their activity by becoming shareholders or debtors. This enables them to modernize, expand or acquire equipment. In terms of debt issuance, companies can structure the maturity and repayment schedules at their own terms and, in the case of an SME, can benefit from a guarantee from the Credit Guarantee Fund.

In what ways will BODIVA participate at the AOG 2025 conference? What are your key objectives at the event and what message do you hope to deliver to both local and international stakeholders?

Our main objective at AOG 2025 is to showcase the development and performance of BODIVA’s market; the investment opportunities in it; and how the capital market is ready to finance the sustainable growth of the oil sector by bridging the gap between the industry and financial markets. Our message is clear: the Angolan capital market is open, secure and available to finance the economy.

As Angola celebrates 50 years of independence in 2025, what is your vision for BODIVA’s contribution to Angola’s long-term energy and economic transformation?

BODIVA has the opportunity to be a key driver of national economic growth and transformation, capable of channeling domestic and international savings into financing the economy – which is still underpinned by the energy sector. As such, we aim to be a strategic partner to the energy sector, complementary to the solutions the traditional banking offers. BODIVA also aims to contribute to strengthen corporate governance, financial reporting and overall business practices to higher standards, transforming our companies into relevant regional and global players.