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Bank of africa’s unit in mali to list on regional market in 2012

Bank of Africa Group’s unit in Mali is planning to sell shares on the West African regional stock market early in 2012, the first listing on the Ivorian bourse in at least a year, said Jean Paul Gillet, the exchange’s head.

The Bamako-based unit of the lender that operates in 11 African nations will hold an initial public offering, Gillet said in an interview in Abidjan, Ivory Coast’s commercial capital, on Oct. 7, without providing details. It will be the fifth Bank of Africa unit on the Bourse Regionale des Valeurs Mobilieres and the only listing from Mali, according to its website.

Investors have “confidence” in the administration of Alassane Ouattara, who took power following a November presidential election that led to a violent five-month political crisis, said Gillet. Laurent Gbagbo refused to cede power, alleging electoral fraud.

In February, the BRVM’s office in Abidjan was seized by security forces loyal to the embattled leader. The exchange moved to Bamako and began trading in March before moving back to Abidjan in May following the capture of Gbagbo.

“The feeling is that the country is credible again, and that the government team is working,” Gillet said, citing a five-year bond sold in August that was 60 percent oversubscribed.

“People want to invest in the region, especially Ivory Coast,” Gillet said. “We’re expecting the private sector to bring themselves up to date and to come to the regional market.”

The BRVM composite index rose to the highest in almost three weeks on Oct. 7, gaining 0.7 percent to close at 141.46, according to the latest data available. Ivorian companies account for 33 of 39 companies listed on the exchange, which includes francophone West African nations and Guinea-Bissau.

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