Capital Markets
From The Report: Cote d'Ivoire 2015
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Host to francophone West Africa’s regional stock exchange, the Bourse Régionale des Valeurs Mobilières (BRVM), Côte d’Ivoire has a more sophisticated financial services industry than most of its peers in the region. The sixth-largest of Africa’s 29 exchanges by capitalisation, the BRVM has seen the market value of its listed equities grow over five-fold from CFA1.02trn (€1.53bn) at its inception in 1998 to CFA6.32trn (€9.48bn) at the end of 2014. Although still marginal to broader economic growth, accounting for 12% of the GDP of the West African Economic and Monetary Union and 38.5% of domestic GDP, the BRVM plans to break into the continent’s top-five exchanges by 2015. Indeed, 2015 will prove dynamic both in terms of initial public offerings (IPOs) and developing secondary trading in bonds – a linchpin of sovereign financing in the region.
This chapter contains an viewpoint from Kadi Fadika-Coulibaly, Managing Director, Hudson & Cie.
Articles from this Chapter
Secondary market makers: Bond market development is the key to greater regional liquidity
To market, to market: Kadi Fadika-Coulibaly, Managing Director, Hudson & Cie, on challenges and opportunities in the secondary bond marketOBGplus
The bond market is made up of 76% treasury bonds, issued by the eight West African Economic and Monetary Union (Union Economique et Monétaire Ouest Africaine, UEMOA) states; 16% from international and regional development institutions; and 8% corporate bonds. From 1998 to 2009 the corporate segment was not very active owing to regulation requiring corporate issuers to back bond issuances with a first demand guarantee offered by regional guarantors. As all issuances complied, rates were similar for…
Tapping the market: Efforts are under way to boost listings and provide easier exitsOBGplus
Far more dynamic than the public markets as a source of equity funding, African private equity (PE) has drawn increasing attention from global investors, with €2.5bn in new funds destined for the region in 2013, up 136% year-on-year according to the second annual study by EY and the African PE and Venture Capital Association (AVCA). While bigger economies like South Africa, Nigeria and Kenya still produce the largest deals, investors in search of higher returns are expanding their scope to Côte…
Bolloré Africa Logistics CI: TransportOBGplus
The Company Bolloré Africa Logistics CI is one of the major players in the transport, handling and logistics sector, offering air, road, sea and rail transportation services. In April 2009 the group management decided to change the company’s name from SDV-SAGA to Bolloré Africa Logistics Côte d’Ivoire, which helped standardise the name of the group and consolidate its presence on the continent. With a presence in Côte d’Ivoire for over 50 years, Bolloré currently maintains subsidiaries in Abidjan, San Pédro, Bouaké, Noé, Ferkéssédougou and Ouagadougou, with total warehouse and storage areas in excess of 1.4m sq metres. The company…
Bolloré Africa Logistics CI: TransportOBGplus
The Company Bolloré Africa Logistics CI is one of the major players in the transport, handling and logistics sector, offering air, road, sea and rail transportation services. In April 2009 the group management decided to change the company’s name from SDV-SAGA to Bolloré Africa Logistics Côte d’Ivoire, which helped standardise the name of the group and consolidate its presence on the continent. With a presence in Côte d’Ivoire for over 50 years, Bolloré currently maintains subsidiaries in Abidjan, San Pédro, Bouaké, Noé, Ferkéssédougou and Ouagadougou, with total warehouse and storage areas in excess of 1.4m sq metres. The company…
Ecobank: BankingOBGplus
The Company Ecobank Transnational Incorporated is a pan-African bank, founded in 1985 in Togo, which operates in 36 African countries via six regional clusters, including Nigeria, francophone West Africa (nine countries including Côte d’Ivoire), the rest of West Africa (five countries), Central Africa (seven countries), East Africa (seven countries) and Southern Africa (five countries). Ecobank is listed on the Nigeria Stock Exchange, the Ghana Stock Exchange, as well as the West Africa Regional Stock Exchange (Bourse Régionale des Valeurs Mobilières, BRVM). Ecobank began its operations in Côte d’Ivoire in October 1989 and is now the…
SGBCI: BankingOBGplus
The Company Société Générale de Banques en Côte d’Ivoire (SGBCI) is the largest bank in the West African Economic and Monetary Union and was created in 1962 from the local branches of France’s Société Générale bank, with the participation of the government and several international financial partners. SGBCI was subsequently listed on the regional stock exchange (Bourse Régionale des Valeurs Mobilières, BRVM) in April 1976, and is now the leading bank in the Ivorian banking sector with total assets of CFA865.4bn (€1.3bn). For one month at the end of 2013, SGBCI lost its leadership position in terms of customer loans to…
Solibra: BeveragesOBGplus
The Company After 60 years in operation, the Société de Limonaderies et Brasseries d'Afrique ( Solibra) has developed production expertise and unparalleled consumer awareness in the beverage market in Côte d'Ivoire. The company has invested nearly CFA47bn (€70.5m) since 2012 to modernise its four sites – one in Treichville, one in Bouaflé and two in Yopougon. Like other African branches of France’s Castel Group, quality management is at the heart of Solibra’s competitiveness strategy. With 16 brands and 92 products, Solibra supplies nearly 50,000 outlets and ranks among the largest employers in the country, with more than 1500…
Solibra: BeveragesOBGplus
The Company After 60 years in operation, the Société de Limonaderies et Brasseries d'Afrique ( Solibra) has developed production expertise and unparalleled consumer awareness in the beverage market in Côte d'Ivoire. The company has invested nearly CFA47bn (€70.5m) since 2012 to modernise its four sites – one in Treichville, one in Bouaflé and two in Yopougon. Like other African branches of France’s Castel Group, quality management is at the heart of Solibra’s competitiveness strategy. With 16 brands and 92 products, Solibra supplies nearly 50,000 outlets and ranks among the largest employers in the country, with more than 1500…
Total CI: PetroleumOBGplus
The Company Total was established in Côte d’Ivoire in 1947 and currently engages in downstream, refining and marketing activities. Its main assets include a gas filling centre (domestic liquefied natural gas), two aviation fuel depots (Abidjan and Yamoussoukro) and participation in the national refinery company, Société Ivoirienne de Raffinage. With 158 gas stations across the country, Total CI has the largest distribution network of oil products in Côte d'Ivoire. Until 2011 Total CI was unable to sell its products in the northern part of the country due to the political crisis that split the nation in two. With peace reinstated,…
Unilever CI: Food & beveragesOBGplus
The Company Unilever CI is the leading manufacturer of household cleaning products, personal and dental hygiene, and food products in Côte d’Ivoire. In December 2008 Unilever CI divested its oil activity to SIFCA Group and acquired Cosmivoire’s (SIFCA Group) soap activities to refocus its business portfolio on the production and distribution of soaps, detergent and cosmetics products – which it distributes to the eight West Africa Economic and Monetary Union states. The consumer products market in Côte d’Ivoire is highly competitive, with other brands coming from Europe, Asia and India, as well as local names. Unilever CI strongly…
