BVMAC : BGFI Holding Revives IPO Project After Favorable Court Ruling

(LVDE) – The Libreville Commercial Court has ruled in favor of BGFI Holding Corporation, allowing the banking group to relaunch its planned initial public offering (IPO). This decision marks a strategic turning point for the CEMAC financial market.

On September 17, 2025, the Libreville Commercial Court handed down a ruling in favor of BGFI Holding Corporation in a dispute with several dissenting shareholders representing one-third of the company’s capital. Among these shareholders were entities such as Sogafric Holding and Capella, as well as individuals including Julia Boutonnet and Boris Kerangall. They had sought the annulment of the Extraordinary General Meeting (EGM) held on June 25, 2025, arguing that the conditions were not suitable for making such critical decisions as a capital increase and an IPO.

By rejecting this appeal, the court validated all resolutions adopted at the EGM, enabling BGFI to revive its IPO project on the Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC). This decision gives fresh momentum to a project that could reshape the region’s financial landscape.

BGFI Holding is planning a capital increase of more than 15 billion CFA francs, raising its total capital from 141.6 to 157.3 billion CFA francs. The bank must now publish a new schedule for the operation, which was initially set for July 15, 2025, but postponed to July 31. The IPO is highly anticipated by investors and could become one of the most significant transactions in BVMAC’s recent history, a market that has struggled with limited activity and a scarcity of listings.

The operation goes beyond strengthening equity capital. It also sends a strong signal regarding governance and financial transparency—two requirements increasingly demanded by regulators and financial partners. BGFI Holding emphasized that “the resumption of this major operation will take place very soon, in line with the roadmap set by its governance bodies. An official communication providing all necessary details will follow.”

Operating in ten African countries, BGFI Holding continues to roll out its “Dynamique 2025” strategic plan while preparing a 2026–2030 roadmap focused on development financing and sustainable growth for African economies. This regional expansion highlights the group’s determination to strengthen its market position and support development in its host countries.

However, this legal victory does not erase ongoing internal tensions. Some shareholders continue to challenge the pace and governance of the group’s expansion, raising questions about cohesion within the leadership. Nevertheless, by upholding the EGM, the court reinforced the legitimacy of BGFI’s management and paved the way for a strategic repositioning that could enhance BVMAC’s credibility.

BGFI’s listing on the stock exchange represents a major test—both of the resilience of Central Africa’s largest bank by equity and of BVMAC’s ability to fully play its role as a financing lever for CEMAC economies. A successful operation could encourage other companies to consider listing, thereby invigorating the regional stock market.

In short, the completion of BGFI’s IPO project is not only a crucial milestone for the group but also a key indicator of the health and vitality of Central Africa’s financial market. The coming months will be decisive in assessing the impact of this initiative on the region’s broader financial ecosystem.

Esther Grace