A striking and largely overlooked variable embedded in Unitel’s public share offering (OPV) of a 15% stake could represent one of the largest hidden assets ever carried by an Angolan listed company: a gap of 570 billion kwanzas between the book value and the current market value of the telecoms operator’s shareholding in Banco de Fomento Angola (BFA).
The discrepancy did not feature in any of the public presentations of the transaction, was not referenced in the offer prospectus and was not flagged by auditors in their review of the operator’s accounts. Yet the figures are plainly visible in Unitel’s 2025 Annual Report and Accounts, and market analysts who have scrutinised the document say the gap could materially alter investors’ assessment of the company’s underlying worth.
At the heart of the matter is the valuation of the 36.9% stake that Unitel holds in BFA. On the operator’s balance sheet, that holding is carried at approximately 29.2 billion kwanzas. However, using BFA’s stock exchange price as of last Tuesday as a reference point, the same position carries a market value of roughly 600 billion kwanzas.
The difference between the two figures amounts to 570 billion kwanzas — equivalent to nearly 600 million US dollars at the current exchange rate. That potential uplift is not reflected anywhere in Unitel’s balance sheet and, in practice, constitutes a substantial unrealised gain that prospective investors in the OPV have had no formal guidance on from the company or its advisers.
Source: Expansão / Original article: http://expansao.co.ao/empresas/detalhe/opv-da-unitel-tem-um-brinde-especial-de-570-mil-milhoes-kz-73615.html
