Afreximbank to offer some shares in stock market listing – president

The African Export-Import Bank (Afreximbank) plans to sell some of its shares in an initial public offering (IPO) in the coming period, its president Benedict Oramah on Friday.

The bank is studying the number of shares it would sell and reviewing the exchange selection process whether the IPO would take place in London Stock Exchange or other bourses, Oramah added at Afreximbank’s 2019 annual meetings in Moscow, Russia.

The bank, rated “BBB-” by Fitch, seeks to raise its capital and business volume through the IPO move, Oramah said.

Afreximbank, which was founded by African governments and other investors in 1993 and has shareholder funds of $1.6 billion as at December, 2016 with total assets of $11.7 billion, approved $3 billion facilities for Egypt last year.