Ecobank Ivory Coast subsidiary listed on West Africa Bourse

0
502

ABIDJAN, Dec 12 – Ecobank Cote d‘Ivoire IPO-ECO.CI, the Ivorian subsidiary of Togo-based pan-African lender Ecobank was listed on the West Africa bourse in Abidjan on Tuesday after an initial public offering late in September.

The IPO priced the bank’s shares at 20,000 CFA francs ($34.78) each, and by the end of its first day of trading they had rallied 7.5 percent to 21,500 CFA francs.

The IPO, which was not widely publicised, took place from September 27-28, with 2,250,000 shares sold, valuing the bank at about 45 billion CFA.

Ecobank has operations in nearly 40 African countries, many of which have suffered slowing growth thanks to a slide in commodity prices, but Ivory Coast’s diversified, less mineral-dependent economy has powered ahead.

Ecobank generates about 40 percent of its business in recession-hit Nigeria, but Ivory Coast, Francophone West Africa’s economic hub and the world’s leading cocoa producer, is also a significant contributor. ($1 = 575.0000 CFA francs)

SHARE
Previous articleCBN injects $210 mln into currency market
Next articleNigeria, other Emerging Markets Shrug Off Crises For Best Gains in Eight Years
Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York

LEAVE A REPLY

Please enter your comment!
Please enter your name here