The pan-African banking group, Oragroup, got officially listed on the Regional Stock Exchange (BRVM) at a first listing ceremony held in Lome on Tuesday. The ceremony was attended by Mr. Sani Yaya, the Minister of Economy and Finance of the Togolese Republic, and Mr. Faure Essozimna Gnassingbé, representing His Excellency the President of the Republic. The listing follows the success of the 100% public takeover bid, from 29 October to 22 November 2018.
The public offer included the issue of 6,097,561 new shares, by capital increase, and the sale of 7,785,445 existing shares on the secondary market, at a price of CFAF 4,100 per share. Currently, 20 percent of Oragroup’s capital is listed on the stock exchange (floating capital). The other current shareholders of the Group retain 80 percent of the capital, including pan-African investor Emerging Capital Partners (ECP), which remains the reference shareholder with more than 50 percent of the shares.
“Oragroup will be the 46th company listed on the BRVM and will open the day today, capitalizing our equity market to more than 5 154 billion FCFA,” said Edoh Kossi Amenounvé, CEO of the BRVM. “It is also the 15th bank listed on the BRVM and the 7th to integrate our market over the last five years out of the nine new admissions.”
According to Binta Touré Ndoye, Chief Executive Officer of Oragroup, the company plans to use the new room for maneuver to invest in the expansion of its network and customer services, mainly individuals and SMEs.
Oragroup, which has its presence in 12 African countries, had a balance sheet total of CFAF 1,794 billion at the end of 2017, marking a growth of 45 percent since 2014. Deposits from customers throughout the Orabank network amounted to 1,179 billion CFA francs and credit operations to 1,085 billion CFA francs.
