Business

Cameroon – Finance: Douala Stock Exchange only sold slightly over 50% of the shares offered by Sonara on its over-the-counter market

SONARA
Written by Deckson N.

Out of the 69,212 shares offered by the Société National de Raffinage (Sonara) on the over-the-counter market of the Douala Stock Exchange (DSX), the stock market of Cameroon, only 36,321 shares were effectively sold during the bidding period which ran from 31st May to 6th June 2016. The communique just made public by the MD of the Cameroonian financial market, Pierre Ekoulé Mouangué, does not specify the final amount raised by Sonara, out of the FCfa 69 billion requested.

The MD of the Douala stock market however notes that the operation initiated by the public refinery was a resounding success in terms of mobilising investments. Indeed, we learn, the eight investment service providers (PSI in French) who took part in this zero-coupon bond investment transaction (OTZ in French) by Sonara received no less than 69,502 requests in total.

The remaining 32,891 shares unsold at the end of the bidding period could soon be available again on the market, the pro-government daily reveals, citing an internal source at the stock market. This especially as, we learn, about 15,800 shares were not offered only because the successful bidders wished for them to be used as pledge securities for the refinancing operations carried out with the central bank.

VIA BIC

About the author

Deckson N.

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