AEF Société Africaine de Bourse

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name COTE D’IVOIRE - SABRegion Sub-Saharan AfricaSector Capital MarketProject No 008254ProjectedBoard Date June 25, 1998Company Name Africaine de Bourse S.A. (AB)Technical Partner and/or Major Shareholders Africaine de Bourse S.A. (AB) was incorporated on December 12, 1997 with a paid-in capital of CFA 270 million (US$450,000 equivalent) to be increased to CFA 300 million. AB is sponsored by Société Ivoirienne de Banque (SIB), a 51% affiliate of Credit Lyonnais and the fourth Ivorian Commercial Bank. The Credit Lyonnais Group will control 57% of the company’s shares. Africaine de Bourse will be technically assisted by Cholet-Dupont, Crédit Lyonnais’ brokerage subsidiary, incorporated in France and active on the Paris Stock Exchange.Project Cost Including Proposed IFC Investment Africaine de Bourse will have a share capital of US$500,000 equivalent of which IFC would subscribe at par to up to 10%, for an amount of US$50,000 equivalent.Location of the project and description of the site The project would be located in the business district of Abidjan, in the premisses of Société Ivoirienne de Banque. Africaine de Bourse will rent a 150 square meter space on the fifth floor of the SIB building, and benefit from SIB’s existing facilities.Description of Company and Purpose of Project The project consists in setting-up a brokerage house to trade securities in the newly establised Regional Stock Exchange (RSE). Unlike the existing Abidjan Stock Exchange (ASE) where trading is carried out directly through Ivorian commercial banks, trading on the RSE will be carried out through brokerage firms. AB will be the brokerage firm of one of these Ivorian commercial banks (SIB) already involved in broking on the ASE. The establishment of an efficient and modern brokerage company will contribute to the development of an active securities market in the West African Economic and Monetary Union (WAEMU). This in turn will help mobilize long-term debt and equity finance for the private corporate sector, enhancing the dispersion of business ownership and facilitating privatization programs in the seven WAEMU countriesEnvironmental Issues This is a category C project according to IFC''s environmental review procedures. No further environmental review is required.Date SPI Sent to Infoshop: May 20, 1998 “This summary of project information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations UnitTelephone: (202)473 7711Facsimile: (202)974 4384