Solibra Resumes Trading After Share Split to Comply with BRVM Rule
TLDR
- Solibra (SLBC) shares trading resumed on September 12, 2024, following a suspension due to regulatory non-compliance.
- The company addressed the issue by approving a stock split during an extraordinary general meeting on September 11, 2024.
- The stock split reduces the share price from 2,500 FCFA to 250 FCFA, meeting BRVM's requirements with 3,062,240 listed securities.
The BRVM stock market said trading of Solibra (SLBC) shares resumed on September 12, 2024, after its April 2 suspension, due to the company's failure to meet certain regulatory requirements.
Although the Castel Group-owned company met the BRVM’s minimum free float of 15%, it fell short of the required 2 million tradable securities, having only 306,224 shares. At an extraordinary general meeting held on September 11, 2024, Solibra addressed this issue by approving a stock split.
The nominal value of each share will be divided by ten, reducing the share price from 2,500 FCFA to 250 FCFA. As a result, the total number of shares will increase to 16,460,840, with 3,062,240 listed securities, meeting the BRVM’s requirements.
Points clés à retenir
This split will not affect shareholder capital, as the adjustment is purely mechanical. For instance, an investor holding one share worth 100,000 FCFA will see it split into ten shares, each valued at 10,000 FCFA, maintaining the same total investment of 100,000 FCFA. Solibra's financial recovery in 2023, marked by a 1,138% increase in net profit to 15.08 billion FCFA, was driven by strategic moves, including the sale of its mineral water business after ending its partnership with Coca-Cola. This stock split aims to enhance the liquidity and accessibility of Solibra shares on the market. However, other companies, such as Eviosys Packaging, remain non-compliant with BRVM regulations, with their shares still suspended from trading since January 2024.






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