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ABIDJAN, Oct 10 (Reuters) - Total Senegal, a subsidiary of French oil giant Total, is selling 8.9 percent of its shares to the public as a first step towards listing on West Africa’s BRVM bourse, the lead manager for the offer said on Friday.
The oil products retailer’s listing, which is due before the end of the year, would be the first initial public offering since 2010 on the stock market, based in Ivory Coast’s commercial capital Abidjan.
“This operation ... consists of the divestment of 290,000 shares held by Total Outre-Mer in Total Senegal’s capital,” Odile Sene Kantoussan, chief executive of CGF Bourse said during a presentation in Abidjan.
The shares will be sold in units of 12,000 CFA francs ($23.1) with a minimum required purchase of five shares. Initial priority will be given to investors in Senegal before being extended across the region’s CFA franc currency zone.
They will be marketed from Oct. 8 to Nov. 7.
“The shares will be listed on the (BRVM) alongside 22 percent of the capital representing the stake of minority shareholders, bringing the floating capital on the Bourse to 30.9 percent,” Kantoussan said.
Following the transaction, Total Outre-Mer will own a 23.1 percent stake in the company with the remaining 46 percent held by Total Africa Limited. (1 US dollar = 519.1600 CFA franc) (Reporting by Loucoumane Coulibaly; Editing by Joe Bavier and David Clarke)