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UPDATE 1-Ivory Coast's Sucrivoire to launch IPO on Wednesday
October 4, 2016 / 4:31 PM / a year ago

UPDATE 1-Ivory Coast's Sucrivoire to launch IPO on Wednesday

(Adds details, CEO quote)

ABIDJAN, Oct 4 (Reuters) - Ivory Coast sugar producer Sucrivoire will offer 1.127 million shares currently held by the Ivorian state in an initial public offering ahead of its listing on West Africa’s BRVM bourse, the company said on Tuesday.

Stock worth 14.65 billion CFA francs ($24.92 million) will be sold at 13,000 CFA francs per share from Oct. 5 to 18, with a possible early closure of the IPO, it said in a statement published in the state-owned Fraternite Matin newspaper.

Sucrivoire is 51.5 percent owned by Ivorian agro-industrial group SIFCA and 25.5 percent by Terra Mauricia. The IPO concerns the state’s 23 percent stake.

Sucrivoire’s listing on the Abidjan-based bourse is planned for Dec. 15.

Around 245,000 shares from the IPO will be reserved for Sucrivoire employees, CEO Michel Akpangni told a news conference.

“A net profit for 2016 is forecast at 6.56 billion CFA francs, up from 5.86 percent in 2015,” he said, predicting 2017 profits of 6.86 billion CFA francs.

Sucrivoire’s production is on track to increase to 118,000 tonnes by 2020 from 95,304 tonnes last year, Akpangni said.

Turnover is seen at around 56 billion CFA francs this year. It is expected to dip to 53.536 billion CFA francs next year before rebounding to 56.638 billion CFA francs in 2017.

$1 = 587.8800 CFA francs Reporting by Loucoumane Coulibaly; Editing by Joe Bavier and Ruth Pitchford

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