Emerging Capital sells stake in lender Oragroup to CGRAE

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Emerging Capital Partners reached a deal to sell a portion of its stake in pan-African lender Oragroup to the General State Pension Fund of Ivory Coast, or CGRAE, the investment company says in a statement.

* On completion of the deal, CGRAE will hold a 61% stake in Lome-based Oragroup;
* Other institutional investors in Oragroup, such as Proparco and West African Development Bank, will also sell a portion of their shares;
* Emerging Capital will remain an investor in Oragroup with a stake of almost 20%;
* West African Development Bank retains 40% of Oragroup’s unit in Ivory Coast and its branches in Burkina Faso, Guinea-Bissau, Mali, Senegal and Mali;
* Emerging Capital didn’t mention the transaction amount;
* NOTE: Oragroup is listed on the Bourse Regionale des Valeurs Mobilieres, West Africa’s regional exchange in Abidjan;
* NOTE: Dec. 2018, Oragroup Raises $98 Million in West Africa Bourse’s Biggest IPO. Source: Bloomberg

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