The Government of Cape Verde has put its 10 percent stake in Banco Comercial do Atlântico (BCA) up for sale. BCA is the country’s largest retail bank.

The launch of the public offering was held on Monday at the country’s Stock Exchange, according to local media outlets.

The share sale is part of the Government’s strategy to divest its stake in BCA. The timing of the sale had been dependent on the creation of the necessary regulatory framework; something now achieved.

“The state should sell shares included in its portfolio of investments that are considered ancillary,” said a statement issued by the Ministry of Finance and Planning.

The shares will be sold to the general public at a price of 3,504 Cape-Verdean escudos (US$36.2) apiece. The results of the sale will be announced on February 19, according to local media.