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Report: Ivorian lender preps share sale

Ivory Coast-based Société Ivoirienne de Banque SA will launch a sale of 2million shares, representing 20% of total shares, ahead of a planned listing onthe West African regional stock exchange, Reuters reported July 8, citingIvorian officials.

The listing is part of the Ivorian government's of its holding in SIB,which also included the sale of a 24% stake to Morocco's in 2015, bringingthe latter's share to 75%. The government said then that it would retain 5% ofSIB, reserve 5% for an Ivorian institutional investor and cede 3% to the bank'sIvorian employees.

The remainder would be temporarily transferred toAttijariwafa ahead of the planned listing.

Some 300,000 of the 2 million shares to be sold will beoffered to employees at 7,820 CFA francs apiece, in a sale running from July 18to July 29. The remaining 1.7 million shares will be offered to externalinvestors for 14,000 francs, SIB General Manager Daouda Coulibaly toldreporters, according to Reuters.

The shares will be listed three months after the offer, thenewswire added.

As of July 7, US$1 wasequivalent to 592.85 CFA francs.