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Societe Ivoirienne de Banque (SIB), controlled by Morocco's Attijariwafa Bank, will sell 2 million shares as a prelude to listing on West Africa's regional BRVM bourse, Ivory Coast officials said on Friday.

 

The sale represents 20 percent of total shares and is intended to make the stock more liquid. The government is cutting its stake to 5 percent from 10 percent.

 

Employees will be offered 300,000 shares at a discounted price of 7,820 CFA francs ($13.15) in an offer that will run from July 18-29. External investors will have to pay 14,000 CFA francs each for the remaining 1.7 million shares, general manager Daouda Coulibaly told reporters.

Shares will be offered across the region's eight-nation CFA franc currency zone and beyond, officials said.

 

"This bank is moving forward. In terms of the net result we have attained 14.8 billion CFA francs in 2015 against 8.45 billion in 2014," he said, adding that the bank is targeting a net result of 24 billion CFA francs by 2020.

 

The shares would be listed on the bourse three months after the offer. Once complete, Attijariwafa will own a 75 percent stake, private investors 20 percent and the government 5 percent.

 

Ivory Coast, the world's biggest cocoa grower, announced plans in 2013 to sell its shares in 15 companies.