Isabel dos Santos: Sonangol “will maintain” its position in BCP

  • ECO News
  • 19 October 2017

Isabel dos Santos says she sees the relationship with the Portuguese bank being "reinforced and continued". She also highlighted: "I believe we will maintain our shareholder position".

Sonangol will maintain their shareholder position on the Portuguese bank Millennium BCP, an investment that has paid off already, stated the chairwoman of the Angolan oil company, Isabel dos Santos, in London.

Isabel dos Santos recalled the shareholder position increased about 1% to 15.24% during the bank’s capital increase in February of 2017. “We just reinforced our participation and we have had an active role of the administration. In that sense, we see our relationship reinforcing and continuing”, she highlighted.

"BCP is a good investment. The numbers speak for themselves: Sonangol purchased shares at a low price and we have had a return on our investment. I believe we will maintain our shareholder position. Isabel dos Santos.”

Isabel dos Santos

Sonangol

Sonangol’s president stated that BCP is a good investment: “The numbers speak for themselves: Sonangol purchased shares at a low price and we have had a return on our investment. I believe we will maintain our shareholder position”.

About the future of the bank, Isabel dos Santos says she awaits the bank’s Board meeting to discuss the vision for the future, given the fact that new administrators have been nominated because of changes in the shareholder structure. “As soon as it is concluded, shareholders will decide on their investment policy, namely whether it will be in Europe or somewhere else”, the businesswoman disclosed.

Sonangol’s 2016 accounts report indicates that the company’s investment in the Portuguese bank began in 2007 with 180 million shares assessed in 525.6 million euros (which were worth 10.53 billion by the end of 2015). Ten years later, the balance of that investment represents a “fair value”, in the 2016 accounts, of 150.4 million euros, against the initial 516.1 million euros from the end of 2015. The Angolan oil company states this represented a potential loss of 365.7 million euros.

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