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Equity market: Gabon withdraws its shares in BICIG, UGB and Gabon Telecom

03/05/2021
Categories: Index/Markets

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In the Council of Ministers on April 29, 2021, the Gabonese government decided to withdraw from the shareholding of the three companies that are the International Bank for Industry of Gabon (BICIG), the Gabonese Banking Union (UGB) and Gabon Telecom. The assets of the State are transferred to the Sovereign Fund of the Gabonese Republic (FSRG) whose management is exclusively the responsibility of the Gabonese Strategic Investments Fund (FGIS).

The Gabonese government said that these decisions are part of "the dynamics of the proactive management of the State's holdings in the mining and non-oil sectors as well as in the liquidation operations of certain financial instruments of the State". And this, in application of the provisions of the law on the organization of the supervision of the State on public establishments, state companies, semi-public companies and companies with public financial participation.
The State sells 41% of the stakes it held to BICIG, shares bought after the departure of BNP Paribas in 2018. As for the UGB, a subsidiary of the Moroccan group Attijariwafa Bank since 2009, the State withdraws the 26.09% of the shares of the capital while the Moroccan part surrounded by micro-shareholders remains in the majority with 58.7%.

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