Il arrive qu’à certaines étapes de la vie de l’entreprise, le besoin se fasse sentir de se faire coter en bourse. Être coté à la Bourse des Valeurs Mobilières présente certains avantages. C’est d’abord de pouvoir accéder à de nouvelles ressources de financement de l’activité en contrepartie d’actions ou d’obligations de l’entreprise. C’est aussi offrir une certaine liquidité aux actionnaires en leur permettant d’accéder à un marché ou les échanges sont facilités. C’est enfin contribuer à augmenter la notoriété de l’entreprise.
Being listed on the BRVM requires an approach, compliance with admission conditions, provision of required documents and compliance with information obligations.
L’étape la plus importante pour l’entreprise est de décider de son introduction en bourse en toute connaissance de cause et en fonction de raisons objectives tels que le besoin de lever des fonds pour financer l’activité ou le besoin d'accroître la réputation et la notoriété. En effet, être cotée en bourse est souvent pour une entreprise le signe d’une certaine maturité dans la gouvernance notamment car l’entreprise cotée est soumise à l’obligation d’informer périodiquement et régulièrement sur sa situation financière et tous les événements importants.
The decision to go public must be voted on by the Extraordinary General Assembly.
Once this step has been completed, the company must appoint a management and intermediation company which will ensure the structuring of the operation and the fundraising.
La structuration permet d’effectuer toutes les diligences requises afin d’obtenir l’autorisation d’effectuer l’opération. En effet, faire appel à la bourse, c’est faire un appel public à l’épargne et ce type d’opération nécessite le visa préalable de l’autorité de régulation, le Conseil Régional de l’Epargne Publique et du Marché financier ( CREPMF). C’est une fois ce visa obtenu que la levée de fonds proprement dite pourra s’effectuer grâce à la collecte des fonds auprès du public investisseur en contrepartie de l’émission des titres de l’entreprise. Suivront ensuite les étapes d’inscription et d’admission à la cote des titres émis. L’entreprise sera alors officiellement cotée avec un sigle et un code permettant de l’identifier et d’échanger ses titres sur le marché de la BRVM.
Critères 1st compartment 2nd compartment 3rd compartment Legal form Public Limited Company Public Limited Company Public Limited Company Minimum share capital 100 millions de FCFA 100 millions de FCFA 10 millions de FCFA Market capitalization > 500 millions de FCFA > 200 millions de FCFA N/A Minimum period of activity 5 years 2 years 2 years Certified account history 2 years 2 years 2 years Net margin on sales 3% in each of the last three years N/A N/A Diffusion minimale du capital dans le public
(Flottant) 20% must match or correspond to a minimum volume that varies between 2 and 10 million shares, depending on the market capitalization of the company 20% must match or correspond to a minimum volume that varies between 2 and 10 million shares, depending on the market capitalization of the company 10% must correspond to a minimum of 500,000 shares Dissemination of financial information Events, quarterly, semi-annually, annually Events, semi-annually, annually Market facilitation agreement Obligatory Obligatory Not required Business Plan N/A N/A Requis
(Sur 3 années au minimum) Listing Sponso N/A N/A Required
Critères Bond market Minimum Number of Securities on Issue ≥ 25 000 securities Nominal Value of the Issue ≥ 500 millions de F CFA Minimum Period of Activity Not required Certified account history Not required Net margin on sales or turnover Not required Evolution of sales or ternover Not required Market facilitation agreement Obligatory Dematerialization of securities Obligatory Guarantee to be provided - Notation Financière
- A défaut d’une note supérieure à Investment grade, une garantie d’un intervenant agréé
Stock market Stock market Stock market Bond market List of documents to provide 1er Comp. 2ème Comp. States Companies A request for admission to listing addressed to the BRVM Required Required Required Required A letter of commitment from the issuer Required Required Required Required An Information Note Required Required Required Required The issuer's articles of association and deeds of incorporation Required Required Required Required Certified accounts of AGOs and AGEs relating to the last three (3) financial years Required Required Not required Not required Certified account history 5 years 2 years Not required Not required The Resolution of the General Assembly or the Decision of the body that authorized the transaction Required Required Required Required The Benefits stipulated for the benefit of the Founders, Directors and any other person Required Required N/A N/A CREPMF Visa(s) Required Required Required Required A list of Shareholders who have acquired or subscribed for securities of the issuer in the twelve (12) months preceding the admission request and the conditions for carrying out transactions Required Required N/A N/A A copy of the placement, underwriting or guarantee contract signed between the issuer and the SGI (s) responsible for distributing the securities to the public Required Required Required Required Draft press releases, inserts and advertisements intended for the written press as well as any other information to be disseminated to the public, including, where applicable, scripts or texts for radio or television announcements Required Required Required Required Six (6) copies of the admission file Required Required Required Required The issue report Required Required Required Required The logos of the issuer and the SGI leading the placement Required Required Required Required The Notice of Registration of securities in the books of the Central Custodian Required Required Required Required Proof of payment of the costs inherent in the presence of the security on the quotation N/A N/A Required Required
Listed companies have an obligation of information and transparency vis-à-vis their investors. To do this, they must publish periodic and permanent information.
Periodic information obligations
Annual publications
Information Publication deadline A table of activities and results; where applicable, the same documents as those designated above, drawn up in consolidated form No later than March 31 of each year The summary financial statements (and possibly the summary consolidated financial statements) provisional uncertified No later than April 30 of each year The income appropriation project No later than April 30 of each year The summary financial statements (and possibly the consolidated summary financial statements) certified and approved Within 45 days of the approval of the Financial Statements by the AGO or the AGE The decision to allocate the result Within 45 days of the approval of the Financial Statements by the AGO or the AGE The reports (general and specific) of the statutory auditors Within 45 days of the approval of the Financial Statements by the AGO or the AGE The minutes of each of the ordinary and extraordinary AGs As soon as they are written Certified annual financial statements As soon as they are written The annual management report As soon as they are written The declaration form of the composition of the capital No later than August 31 of each year
Half-yearly publications
Information Publication deadline Le rapport d’activité du premier semestre certifié par les commissaires aux comptes Quatre mois après la fin Les prévisions semestrielles de chiffre d’affaires et tendances de résultats
L'attestation des commissaires aux comptes
Le bilan semestriel du contrat de liquidité of the 1st semester
Quarterly publications
Information Publication deadline The main indicators (turnover, net income, etc.) and a comment from the company's management on the evolution of the activity and the probable impact on the results 1 month after the end of the 1st and 3rd trimester
The permanent informations
Les informations permanentes peuvent être considérées comme toute information pouvant avoir une incidence sur la vie de la société : changement de direction, prise de participation, perte d’un gros client, nouveaux marchés ; etc.
The issuer is required to inform its investors as soon as possible.