Ivory Coast | - Part 4

Economic Boom Fuels Flurry of IPOs in Sleepy West African Bourse, Says CEO

ABIDJAN (Capital Markets in Africa) – West Africa’s regional bourse aims to lure investors and increase the number of listings by more than a third in the next four years as some of the world’s fastest economic growth rates boost demand for capital. The Abidjan-based Bourse Regionale des Valeurs Mobilieres, or BRVM, is targeting 16 new listings by 2020 in the telecommunications, finance, agribusiness, civil engineering and mines and energy industries, Chief Executive Officer Edoh Kossi…

Ouattara Alliance Wins Ivory Coast Vote as Independents Gain

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ABIDJAN (Capital Markets in Africa) – Ivory Coast President Alassane Ouattara’s ruling coalition won an almost two-thirds majority in parliament, while the victory of a record 75 independent candidates showed growing discontent with the government and the opposition. Ouattara’s Rally of Houphouetists for Democracy and Peace won 167 of the 255 seats contested in Sunday’s election, Youssouf Bakayoko, head of the electoral commission, told reporters in the commercial capital, Abidjan. It was the second parliamentary vote…

AfDB Group approves €769.78 million for urban transport in Ivory Coast

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ABIDJAN (Capital Markets in Africa) – The Board of Directors of the African Development Bank Group (AfDB) has approved a loan of 769.78 million euros to Côte d’Ivoire aimed at significantly improving urban transport in the city of Abidjan. This financing will contribute to improving the living conditions of the people living in Abidjan through the development and rehabilitation of road infrastructures. More specifically, the project involves the development of 87.9 km of fast urban…

Strong Demand Seen for Ivory Coast’s Sucrivoire Ahead of Listing

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ABIDJAN (Capital Markets in Africa) – Shares in Sucrivoire SA of Ivory Coast will go on sale Oct. 5 as the lead arranger of an initial public offering forecasts strong demand for a stake in the sugar producer that the government is disposing of. Sucrivoire is preparing to list on the Bourse Regionale des Valeurs Mobilieres in Ivory Coast’s commercial capital, Abidjan, as part of a privatization program by the West African nation to boost public finances…

Ivory Coast Raises Cocoa Price for Farmers 10% From 2015

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will boost the minimum price paid to farmers for their beans 10 percent from last year. Growers will get a minimum 1,100 CFA francs ($1.86) a kilogram (2.2 pounds) for beans for the main crop starting in October, according to Abdourahmane Cisse, the country’s budget minister. That’s up from 1,000 CFA francs last season. The main crop runs from October to March. “My own view…

African sovereign trio add to growing appeal for sukuk

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DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

Ivory Coast Said to Start Sucrivoire Share Sale Next Week

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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…

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