BRVM - Listing

Listing

Eligibility The BRVM has, at inception, two sections for stocks and a single section for bond loans.

To be eligible for the first section, a company must satisfy the following conditions:

  • demonstrate market capitalization equal to or higher than 500 million CFA francs;
  • have a net revenue margin of 3% in each of the past three years;
  • demonstrate five years of certified statements;
  • agree to sign a market activation contract;
  • distribute to the public at least 20% of its capital as soon as it joins the exchange;
  • agree to publish semi-annual revenue estimates and results trends.

Eligibility of a company for the second section is subject to the following conditions:

  • demonstrate market capitalization equal to or higher than 200 million CFA francs;
  • demonstrate two years of certified accounts;
  • agree to sign a market activation contract;
  • agree to distribute to the public ate least 20% of its capital within two years, or 15% in the event of a share capital increase.

The mandatory section-debt instruments-is accessible to bond loans, of which the total number of securities issued is higher than 25,000 and has a face value of at least 500,000,000 CFA francs.

Listing Getting listed on the BRVM is the final link in the financing chain for businesses. It is a strategic long-term decision that requires excellent preparation. A company seeking to be listed on the BRVM must satisfy the following conditions:

  • be incorporated;
  • sign a written agreement to distribute the information required by the exchange, especially the publication of annual statements in the official newsletter (Bulletin Officiel de la Cote) and participation in organization of the exchange;
  • sign a written agreement to obey the rules and regulations of the BRVM.

To apply for listing on the BRVM, the candidate company must mandate a brokerage firm to assist and advise it. Once the complete application has been received, the BRVM will rule on the company's eligibility and send a copy of the application to the Regional Council of Public Saving and Financial Markets for the necessary notification. The listed company has the following responsibilities:

  • manage the regulatory framework and relations with investors;
  • organize annual shareholders meetings, etc.;
  • inform the exchange and the public of any new fact or modification that might significantly influence the prices of its securities.

NB: For further information, please contact the BRVM, its national branch offices or a brokerage firm.

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