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

The sub-regional control body has indeed, at its 121st session, on September 18, 2020, issued an opinion against the request for "prior authorization for the modification of the shareholding structure", of the holding company and its subsidiaries located in Benin, in Côte d'Ivoire and Togo, announces the banking institution based in Lomé.

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

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

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

While the next steps are not yet completely clear, several options are on the table. The Ivorian Fund could thus return to the charge, this time by associating itself with WAEMU sister entities.

The Ivorian state-owned company remains "an important partner of the Group", says the multinational.