Movis to Delist from BRVM After Years of Losses
TLDR
- Movis CI shareholders have approved the logistics company's voluntary delisting from the Regional Stock Exchange (BRVM)
- Movis International, the majority shareholder, will purchase the company's 111 shares of free float at 40,000 CFA francs ($66.85) per share
- The company faces sector deterioration affecting productivity, debt collection issues from defaulting customers, and rising operating expenses without corresponding revenue growth
Movis CI shareholders have approved the logistics company's voluntary delisting from the Regional Stock Exchange (BRVM). The exit will proceed via a public buyout offer running from April 21 to May 21, 2025. Movis International, the majority shareholder, will purchase the company's 111 shares of free float at 40,000 CFA francs ($66.85) per share. The company will delist regardless of the buyout outcome.
According to an April 7 information note, Movis CI cited accumulated financial difficulties as the primary reason for its market exit. The company faces sector deterioration affecting productivity, debt collection issues from defaulting customers, and rising operating expenses without corresponding revenue growth.
These challenges led to cumulative losses exceeding 12 billion CFA francs ($20.1 million) over three fiscal years. In 2023 alone, Movis CI reported a 3.51 billion CFA franc ($5.9 million) net loss. The company had previously signaled potential delisting in May 2024.
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Key Takeaways
The delisting will leave Africa Global Logistics as the sole company in the BRVM Transport sector index. Movis CI, formerly Société ivoirienne d'opérations maritimes (SIVOM), specializes in transport and logistics services. Founded in 1973, it provides sea, air, and land transport, project logistics, hazardous materials management, and terminal operations for imports and exports. The company operates as a subsidiary of Movis International group, which maintains presence in multiple African markets including Cameroon and Ghana. This withdrawal reflects ongoing challenges in the regional logistics sector amid economic headwinds.
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