The Chairman of the Board of Directors of the Bank of Africa – Burkina Faso, Lassiné Diawara, chaired the Special General Meeting of the bank’s shareholders on Tuesday August 13, 2024 in Ouagadougou. An assembly that decided to increase the share capital which now goes from 22 billion to 44 billion FCFA.
Under the chairmanship of Lassiné Diawara, Chairman of the Board of Directors, the Special General Meeting of Shareholders of the Bank of Africa – Burkina Faso was on the agenda, the increase in the share capital of the bank, a corresponding change in the statutes (Articles 6 and 7 ) and the power for formalities. This amazing meeting kept all its promises. It should be noted that after hearing the report of the board of directors and the auditors, the extraordinary general meeting decided to increase the share capital with a current amount of twenty two billion (22,000,000 000) FCFA, to bring it to forty percent. four billion (44,000,000,000) FCFA, being included in said capital. This capital increase will take place as soon as all regulatory approvals are received. The total share price rises from two billion six hundred eighty-one million (2,691,000,000) CFA francs and part of the optional reserves for an amount of nineteen billion three hundred and nine million (19,309,000,000) CFA francs. And this, through the issuance of twenty two million (22,000,000) new shares with a par value of one thousand (1,000) CFA francs each, distributed free of charge to shareholders on the basis of one new share for one old portion. After the capital raising operation, the stock price must be adjusted and cut in half. “We had a really good promotion. This is good news for everyone because it will increase our profits. Shareholders are satisfied with all these decisions made. It’s a feeling of joy that moves me and it’s a shared feeling,” said Ms. Loloma-Hié/Kaboré Annonciata, a shareholder of the Bank. For Christian Zongo, Assistant General Manager in charge of Operations, representing the General Director of BOA-Burkina Faso, this capital increase shows that the Bank is solid. “This is an opportunity for us to express our gratitude to our customers who continue to trust us and allow us to achieve such results,” he said. This increase in share capital makes this financial institution the first in the market to have a level of share capital.
Although BOA-Burkina Faso already complies with this new requirement, the BOA group took this opportunity to strengthen the share capital of all its UEMOA banking subsidiaries. For BOA-Burkina Faso, it is proposed to double the capital by introducing premiums and part of the discretionary resources in the fourth quarter of 2024.
Jules TIENDREBEOGO
