The Ivory Coast government has announced it will sell a part of its minority stake in Orange’s unit in the country, as the company prepares for an IPO.
Ecofin Agency reported, that the government will sell 9.95% of its 14.95% stake in Orange Ivory Coast on the West African stock exchange Bourse Régionale des Valeurs Mobilières (BRVM), leaving it with a share of 5%.
The government will sell for XOF9,500 (US$14.71) per share, which it calculated should garner over XOF142 billion (US$221m).
An Orange spokesperson told Developing Telecoms it is working with the state on an IPO, of which there are "of course steps to be taken to achieve this" and noted the share sale.
The IPO project will be presented to Orange's board of directors at its next general assembly. If the project is validated by the board it will then require regulatory approval, said Orange.