PRESS RELEASE – ABIDJAN – 9 DECEMBER 2014
Strategic partnership between AFIG Funds and BRVM
to facilitate access to financing via the stock exchange
The Regional Stock Exchange (BRVM) and Advanced Finance & Investment Group (AFIG Funds) signed a strategic partnership agreement to facilitate access to financing via the stock exchange. This partnership will support the BRVM’s initiative to add a third trading platform focused on Small and Medium Enterprises (SMEs) and companies with strong growth potential in the UEMOA (West African Economic and Monetary Union) region. This major new initiative by the BRVM secured the support of AFIG Funds, a leading regional private equity fund manager.
The objective of this partnership, according to Mr. Kossi Edoh AMENOUNVE, CEO of the BRVM and of the DC/BR (Central Depository), is “to gain the support of a technical partner capable of participating in the implementation of a platform of the exchange dedicated to SMEs from the UEMOA region and facilitating their access to funding through the stock exchange.” Financing SMEs, which are the engines of growth of regional economies, has been a key priority for governments and the private sector of UEMOA states. As part of its mandate to develop regional capital markets, the BRVM aims to develop new solutions to facilitate access to financing for regional companies .
For Mr. Papa Madiaw NDIAYE, CEO of AFIG Funds, the signature of this partnership offers “a new priority option for the sale of our shareholding in portfolio companies through the new stock market platform dedicated to SMEs, while achieving strong returns”. Mr. NDIAYE also added that “a listing on the stock exchange is typically a preferred path for private equity funds around the world to exit portfolio investments.”
The BRVM and AFIG Funds agreed, in the framework of the partnership, to share experiences and to build synergies around their respective processes to promote access to the exchange for companies with high growth potential.
About AFIG Funds
Based in Mauritius, Advanced Finance & Investment Group (AFIG Funds) is an investment fund management company with USD 122 million under management and one of the premier fund managers dedicated to private equity investment in Africa. AFIG Funds has offices in Dakar, Washington D.C. and Johannesburg. Atlantic Coast Regional Fund LLC (ACRF), the maiden fund of AFIG Funds, is a regional fund focused on 29 countries in West and Central Africa. ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.
Founded in 1998, the Bourse Régionale des Valeurs Mobilières (BRVM), the Regional Stock Exchange, is responsible for the organization of the stock market and the dissemination of market information within the UEMOA region. It includes Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The BRVM is headquartered in Abidjan, Côte d’Ivoire. Under the leadership of Mr. Kossi Edoh AMENOUNVE, its CEO, the BRVM has grown 60 percent.