Ivorian government approves the IPO of Sucrivoire

July 22, 2016

Meeting in Council of Ministers on 20 July in Abidjan, the government approved the sale on the Stock Exchange of state participation in Sucrivoire.
Wednesday adopted decree allows “the sale to the public all of 563,500 shares representing 23% of the company’s share capital through the Regional Stock Exchange (BRVM).” This sale takes place “in accordance with the privatization program and the popular shareholding promotion policy,” the statement of the Ivorian government.

Abidjan authorities have accelerated in recent years,the disengagement of the state from certain sectors of the national economy , through the sale of state holdings mainly in banking and agribusiness.

One of the two major producers of sugar in Ivory Coast
Subsidiary of Ivorian agro-industrial conglomerate Sifca, Sucrivoire is a leading producer of sugar in the country with Sucaf Ivory Coast, a subsidiary of French Somdiaa.

Sucrivoire, which operates more than 11 000 hectares in Zuénoula (center-west) and Boroutou (northwest), employs 7,400 employees, including about 650 permanent.

Its capital is now majority owned by Sifca (51.5%), the remainder returning to the Ivorian State (23%) and the conglomerate Terra Mauricia (formerly Harel Frères) , which holds 25.5%.

In 2014, the subsidiary of Sifca produced 92,000 tonnes of sugar, for a turnover of 49.24 billion CFA francs (75.07 million euros) and net profit of 5.88 billion CFA francs.

Besides the sale on the stock exchange of its stake in Sucrivoire, the Ivorian government has also launched one of its shares in the Ivorian Society Bank. Source: Jeune Afrique