BGFI Holding Postpones BVMAC Listing Amid Shareholder Dispute

BREAKING NEWSAugust 3, 2025 at 9:37 PM UTC

TLDR

BGFI Holding Corporation (BHC) has postponed its planned listing on the Central African Stock Exchange (BVMAC)
The delay follows opposition from shareholders who argue that recent leadership changes
The IPO was set to offer 1,573,536 shares, equivalent to 10% of BGFI Holding’s capital, with the aim of raising 125.8 billion CFA francs (approximately $222 million)

BGFI Holding Corporation (BHC) has postponed its planned listing on the Central African Stock Exchange (BVMAC), citing ongoing legal proceedings initiated by dissenting shareholders. The company announced the decision on July 28, 2025, just days before the rescheduled listing date of July 31.

The delay follows opposition from shareholders who argue that recent leadership changes—including the appointment of long-time CEO Henri-Claude Oyima as Gabon’s Minister of State and the introduction of a new executive team—warrant a period of internal stabilization before proceeding with any capital market operations.

In a statement, BHC’s board confirmed the postponement had been agreed upon with the regional financial markets regulator COSUMAF. The company will wait for the outcome of the court case currently before the Libreville Commercial Court.

The IPO was set to offer 1,573,536 shares, equivalent to 10% of BGFI Holding’s capital, with the aim of raising 125.8 billion CFA francs (approximately $222 million) to strengthen the group's equity base. A new listing timeline will be provided after the legal dispute is resolved.

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Key Takeaways

The postponement of BGFI Holding’s IPO on the BVMAC illustrates the growing influence of governance and shareholder dynamics in African capital markets. The legal action led by shareholder Christian Kerangall, who controls 23% of BGFI’s capital, reflects concerns over the group’s leadership transition and the perceived lack of readiness for public listing. While the IPO was intended to boost transparency and capital strength for the region’s largest financial group, the dispute signals underlying tensions between long-term shareholders and executive leadership. The delay also underscores the challenges facing capital market development in Central Africa, where few companies are publicly traded and investor protections are still evolving. The case will be closely watched by regional regulators, as its outcome could shape future corporate governance norms and influence investor confidence in BVMAC listings. Once resolved, BGFI’s offering could still mark a major milestone, but only if stakeholder alignment is secured and legal clarity restored.

Finance

BVMAC

BGFI Holding

Banking

Stock Exchange

Central Africa