Ivory Coast Said to Start Sucrivoire Share Sale Next Week

ABIDJAN, Capital Markets in Africa: Ivory Coast will start selling its stake in Sucrivoire SA next week, ahead of the sugar producer’s listing on the regional exchange in Abidjan, the commercial capital, according to a person familiar with the matter.

The government will sell its 23 percent stake in Sucrivoire at 13,000 CFA francs per share, raising about 14.7 billion francs ($25.1 million), said the person, who asked not to be identified because the matter is confidential. The company will reserve a 5 percent stake for staff while the remaining 18 percent will be sold to the public, the person said.

Sucrivoire General-Secretary Olivier Daipo declined to comment when contacted by phone.

The disposal of that stake would come as part of a privatization program by the world’s biggest cocoa producer, started by President Alassane Ouattara in 2013 to boost public finances and make companies more efficient and competitive. In April, the government hired Rothschild & Cie to advise on the privatization of small-business focused Versus Bank, and is also trying to sell a stake in Industrial Promotion Services (West Africa), which operates in industries such as packaging and agribusiness.