Angola: BAI calls ordinary general assembly and imposes a set of “restrictions” on shareholders

The president of the General Meeting of BAI’s shareholders called for a ordinary session of the organ on March 27, where the shareholders of the largest Angolan bank in assets will analyze six points, highlighting the management report and accounts and the opinion of the fiscal council related to the 2023 financial year.

According to the summons published in the Jornal de Angola and signed by Domingos de Lima Viegas, former administrator of the oil company Sonangol, shareholders will also look into the allocation of the $241 million results obtained last year and, finally, analyze the change in the remuneration policy of the members of the social organs.

The document, which establishes the rules that will govern the meeting of BAI bankers, sets a series of requirements for those who wish to participate, requiring them to express interest in writing to the president of the General Meeting.

For example, shareholders who, individually or grouped, hold shares with a value corresponding to at least 5% of the institution’s share capital and intend to include other topics on the agenda must submit the subject within five days of the last publication of the summons.

At this meeting, shareholders should request the information they need to form an informed opinion on the matters at hand. However, Luís Rodrigues Lélis’ team may refuse to provide information that may cause “serious harm to BAI or other affiliated companies, or if providing it involves a violation of legally imposed secrecy.”

BAI also notes that holders of a number of shares that do not give them voting rights may group together to meet the minimum requirement (5%), being represented by one of them, “by another shareholder or by another person with full legal capacity at the General Meeting.”

In the general meeting held on August 9, 2021, BAI amended its bylaws to qualify as a public company and initiated the process of Public Offering (IPO), with the admission to trading of shares occurring on June 9, 2022, making it the first listed company on the Angola Debt and Securities Exchange (BODIVA).