The African Export-Import Bank (Afreximbank) announces that it intends to publish a registration document and is considering proceeding with an initial public offering (IPO) of global depositary receipts (GDR"), representing Class D ordinary shares of the Bank. The GDRs are expected to be admitted to trading on the main market London Stock Exchange.
Established in 1993 between 25 African states and three multilateral institutions, Afreximbank is a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade. The bank currently operates in 51 African states and the Bank's aim is to increase the number of Participating States to include all 55 sovereign African states.
Professor Benedict Oramah, President of the African Export-Import Bank, said:
"Afreximbank is very much at the epicentre of Africa's trade, which is expected to grow rapidly. This growth will be driven by the enactment of AfCFTA that will create an integrated market of 1.2 billon people, widespread urbanization, favorable demographics and rising investments. We are in a key position to leverage our existing relationships with the African Union and its 55 member countries to provide a platform for trade and investment flows across the continent. Our focus on technology and operational excellence has ensured we have a robust and growing balance sheet and can sustain profitability. We are excited by Africa's trade and economic prospects, particularly as we implement the Bank's flagship initiative, the Pan African Payment and Settlement System, aimed at boosting intra-regional trade. Afreximbank is well placed to capitalize on the opening up of trade across the continent and, with our experienced management team, we are confident we can deliver value for shareholders and customers."
The Bank has engaged J.P. Morgan Securities plc which conducts its UK investment banking activities as J.P. Morgan Cazenove and HSBC Bank PLC to act as Joint Global Co-ordinators, and Joint Bookrunners and Exotix Partners LLP to act as Co-Lead Manager in the event the Offer proceeds. Afreximbank Advisory & Capital Market Department is acting as Financial Adviser.
