Capital Markets
From The Report: Cote d'Ivoire 2017
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Côte d’Ivoire’s capital markets are closely linked to the broader fortunes of the eight-state UEMOA of which it is a member. The country is also home to West Africa’s regional stock exchange, the Bourse Régionale des Valeurs Mobilières, one of the fastest-growing stock exchanges on the continent. On the back of strong macroeconomic growth, equity activity has been increasing steadily over the past five years, with a strong rise in the volume of transactions. Nonetheless, the bourse continues to face challenges common to emerging and frontier market exchanges around the world, including liquidity issues. This chapter contains interviews with Edoh Kossi Aménounvé, Managing Director, Bourse Régionale des Valeurs Mobilières; and Kadi Fadika-Coulibaly, Managing Director, Hudson & Cie.
Articles from this Chapter
Steady results: The bourse records strong performance and joins the MSCI Frontier Markets Index
Encouraging listings: Edoh Kossi Aménounvé, Managing Director, Bourse Régionale des Valeurs Mobilières (BRVM), on increasing the IPO pipelineOBGplus
Interview: Edoh Kossi Aménounvé What difficulties are encountered by the BRVM in regards to attracting new companies and increasing market capitalisation? EDOH KOSSI AMENOUNVE: The BRVM faces the same challenges that all African stock exchanges do in terms of new listings. In 2015 African exchanges recorded 28 initial public offerings (IPOs) across the continent,with 12 IPOs in South Africa and the rest spread across the other 24 stock exchanges – which is an average of less than one IPO per…
New measures: Recent reforms are likely to improve liquidityOBGplus
Several reforms over the past two years are helping to pave the way for greater liquidity on the Abidjan-based Bourse Régionale des Valeurs Mobilières (BRVM)The bourse has seen its market capitalisation more than double since 2012, but as with many emerging and frontier markets, trading is low and the exchange is dominated by “sit and hold” institutional investors. To address this and expand the base of retail participation in the country’s capital markets, the authorities and brokerages…
Primed for growth: Kadi Fadika-Coulibaly, Managing Director, Hudson & Cie, on the development and harmonisation of the capital marketsOBGplus
Interview: Kadi Fadika-Coulibaly How have emerging legal and business frameworks affected Côte d’Ivoire? KADI FADIKA-COULIBALY: The main relevant development in this regard has been the Uniform Act of the Organisation for the Harmonisation of Business Law in Africa (Organisation pour l’Harmonisation en Afrique du Droit des Affaires, OHADA), which is applicable to all UEMOA member states – including Côte d’Ivoire – as well as 17 countries outside of the area. The Regional Council for…
SAPH: Agro-processingOBGplus
The Company Established in 1956, SIFCA Group took over Société Africaine de Plantations d’Hévéas (SAPH) through its subsidiaries OMNIPAR and SIPH in 1999. The rubber industry leader in Africa, SAPH has a production capacity of 180,000 tonnes per year and five main integrated farm units located in Bettie, Rapides-Grah, Toupah/Ousrou, Bongo and Yacoli. Each of these units has an industrial plantation, factory (except Bettie), workers’ housing and dedicated infrastructure. The company supplies natural rubber from its own industrial plantations (24,000 ha), and from outgrowers. On the marketing side, SIPH guarantees the purchase of…
SGBCI: BankingOBGplus
The Company Société Générale de Banques en Côte d’Ivoire (SGBCI), the largest bank in the West African Economic and Monetary Union, was created in 1962 from the local branches of France’s Société Générale with the participation of the government and several international financial partners. The leading bank in the Ivorian banking sector with total assets of CFA1.138trn (€1.7bn), SGBCI has been listed on the stock exchange (formerly BVA) since April 1976. At the end of 2015 SGBCI held 16% of market share in terms of customer loans and 15% in terms of customer deposits. More specifically, the bank performed well in 2015 in spite…
SGBCI: BankingOBGplus
The Company Société Générale de Banques en Côte d’Ivoire (SGBCI), the largest bank in the West African Economic and Monetary Union, was created in 1962 from the local branches of France’s Société Générale with the participation of the government and several international financial partners. The leading bank in the Ivorian banking sector with total assets of CFA1.138trn (€1.7bn), SGBCI has been listed on the stock exchange (formerly BVA) since April 1976. At the end of 2015 SGBCI held 16% of market share in terms of customer loans and 15% in terms of customer deposits. More specifically, the bank performed well in 2015 in spite…
Solibra: Food & beverageOBGplus
The Company Established in Côte d’Ivoire approximately 60 years ago, Société de Limonaderies et Brasseries d’Afrique (Solibra) produces and markets beers, soft drinks and mineral water. Solibra, which is part of Castel Group, has four production sites – two plants in Yopougon, one in Bouaflé and one in Treichville – with an installed capacity of 5.5m hl, including 2.4m hl for the beer segment. Solibra has 16 brands and almost 92 products. The competition in the sector has been led by local traders focused on imported beer such as Codis, Bavaria and Heineken. 2013 was the most challenging year for Solibra, as it faced significant…
Sonatel: TelecommunicationsOBGplus
The Company Sonatel is the leading telecommunications operator in Senegal with sales of CFA876bn (€1.3bn) in 2015 and more than 1800 employees. Currently present in four countries, the group has a total customer base of 26m, including 290,000 broadband customers. In terms of market share, Sonatel controls 57% of the telecom market in Senegal, 58% of the growing Malian market, 55% of the Guinean market, and is the largest operator in Guinea-Bissau. Its dominance in its four key markets has allowed the company to perform well. In 2015 turnover increased by 7.4% to CFA876bn (€1.3bn), compared to CFA816bn (€1.2bn) in 2014. This growth was…
Uniwax: ManufacturingOBGplus
The Company Established in 1968, Uniwax is an Ivorian company engaged in the manufacturing, production and distribution of wax-coated fabrics in local and export markets. A subsidiary of the Vlisco Group, Uniwax has inspired Ivorian and sub-regional fashion for years with the Wax fabric. Uniwax continues to shape the tastes of numerous generations of women and men in Africa thanks to its top-quality fabrics. Sales took a hit due to the 2002 political and military crisis in Côte d’Ivoire and since the country was flooded by counterfeit products from Asia. However, the 2010 buyout of the Vlisco Group by private equity fund Actis changed Uniwax’s…
Vivo Energy CI: PetroleumOBGplus
The Company Vivo Energy CI is a joint venture between Vitol (40%), Helios Investment Partners (40%) and Shell (20%). The group obtained the licence to distribute and market Shell-branded fuels and lubricants in 16 African countries on December 1, 2011. In Côte d’Ivoire, Vivo Energy CI is the second-largest oil marketing company after Total CI. Vivo Energy CI’s retail network includes 170 service stations, nearly half of which are located in Abidjan, with the remaining sites spread across the country, giving the company nationwide coverage. The company has recorded significant expansion in recent years, as shown in its annual results. In…
