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Total’s Senegal unit to sell shares on West African Bourse

BY OLIVIER MONNIER

PARIS (Bloomberg) -- Total Senegal, will list 33% of its capital on the Abidjan-based Bourse Regionale des Valeurs Mobilieres in September, the chairman of the stock market said.

The fuel retailer will sell 13% of its capital in a public offering and 20% of will be ceded to private investors, Gabriel Fal said by phone from Dakar.

“It’s a sign of a high degree of confidence in the BRVM,” Fal said.“We hope this decision will be emulated and will give thoughts to other big companies.”

The BRVM, which trades securities from eight nations of West Africa, is expecting its first listings since 2010 this year.The bourse has 37 companies listed, most of them from Ivory Coast, the biggest economy of the West African Economic and Monetary Union.

Dakar-based brokerage company CGF Bourse will be in charge of Total Senegal’s listing, Fal said. Total already has its Ivory Coast unit listed on the stock market. A call made to the communications department of Total Senegal wasn’t returned.

The bourse seeks to draw four news banks to sell shares this year, Fal said. These banks include the unit of Bank of Africa in Senegal and Ouagadougou, Burkina Faso-based Coris Bank International, he said.

Two Ivorian banks, Banque Internationale pour l’Afrique de l’Ouest en Cote d’Ivoire and Societe Ivoirienne de Banque, which is 51% owned by Casablanca-based Attijariwafa Bank, may also list before the end of the year, Fal said.

Matforce, a Senegalese company which provides energy equipment, an insurance company based in Dakar and a Canadian gold mining company operating in Ivory Coast are also in the target of the bourse this year, Fal said.

04/04/2014

 

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