BOA-Mali to list on the stock market
The Malian subsidiary of Bank of Africa will join the Regional Stock Exchange (BRVM).Bank of Africa-Mali announced on Wednesday, December 16th the launch of a public offering of 400,000 shares with a view to entering the Bourse régionale des valeurs mobilières (BRVM) - the financial market of the WAEMU region.
It will become the first Malian company listed on the stock exchange, based in Abidjan.
The subscription period runs from December 17th to January 15th, 2016 and BOA Mali expects to raise 8.79 billion CFA francs (€13.4 million).
According to the bank, the capital opening will contribute to "strengthening its financial resources to further its development" and will "improve and strengthen prudential ratios enacted in banking regulations."
It said this will also enhance the bank's reputation and allow for a better valuation of the company.
BOA Mali generated in 2014 a net banking income of €57 million, up 44 per cent on last year, and a net profit of €6.13 million.