The Banking Commission of the West African Monetary Union (UMOA) has just blocked the sale of Oragroup to the General Pension Fund for State Employees (IPS-CGRAE) in Côte d'Ivoire, which was supposed to take over the shares of the investment fund Emerging Capital Partners (ECP).

Indeed, during its 121st session, on September 18, 2020, the subregional supervisory body issued an unfavorable opinion on the request “for prior authorization for the modification of the shareholding structure” of the holding company and its subsidiaries based in Benin, Côte d'Ivoire and Togo, announces the banking institution based in Lomé.

This marks a brake on the sales operation (at the end of which Oragroup would come under the control of this Ivorian fund), which the banking player present in 12 African countries “takes note” of.

Recall that the agreement between ECP and IPS-CGRAE followed the listing of Oragroup on the Regional Securities Exchange (BRVM) in April 2019, as part of what will be the largest IPO on this subregional marketplace.

IPS-CGRAE then subscribed to the public offer for 9% of the Group's floating capital.

If the next steps are not yet completely clear, several options are on the table. The Caisse Ivoirienne could thus come back to the plate, this time by partnering with sister entities of UEMOA.

The Ivorian state company also remains “an important partner of the Group”, specifies the multinational.