(Ecofin Agency) - After raising nearly CFA2.58 billion on the BVMAC, the microfinance company "La Régionale" is making its debut on the financial market. On July 21, its shares were still trading at the same price as when they were first listed.
Five days after its first session on the Central African Stock Exchange (BVMAC), "La Régionale" shares closed on 21 July at CFA42,000, the same as when they were first listed on 16 July.
On that day, which marked the start of trading in the shares of this microfinance institution, 20 shares were traded for CFA840,000. La Régionale's listing thus marks its first time on the stock market.
"The start of trading in the shares of La Régionale marks a new listing and the first of a financial company that brings the number of listed companies to five and enriches our stock market," said Jean-Claude Ngbwa, Director of BVMAC, at the ceremony of the company’s first IPO.
This listing follows a capital increase through a public offering. Created in 1993 by Reverend Charles Rollin Ombang Ekath, La Régionale had raised CFA2.58 billion of the CFA8.23 billion requested, mostly in Cameroon. The company, which has welcomed new shareholders on board and diversified its sources of financing, is pursuing its project to become a universal bank. It had announced for the end of July, the creation of its file with the competent monetary authorities.
Let’s note that the listing of La Régionale brings the market capitalization of BVMAC to CFA909 billion, or about 1.8% of the GDP of the CEMAC zone.