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Movis CI will delist from the West African regional stock exchange following sustained financial losses.
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The company’s majority shareholder is offering to buy back remaining public shares at CFA40,000 each.
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The move leaves Africa Global Logistics as the sole transport company listed on the BRVM.
Movis Côte d’Ivoire, a logistics and transport company operating across West Africa, is pulling out of the Regional Stock Exchange (BRVM). The decision comes after years of financial difficulties that have left the company unable to continue operating under normal conditions.
The delisting will happen through a public buyback offer (OPR) running from April 21 to May 21, 2025. The operation is being led by Movis International, the parent company and main shareholder of Movis CI. It will target the 111 shares still held by the public, offering a buyback price of CFA40,000 per share. Regardless of how many shares are sold back, the company’s stock will be removed from the exchange once the operation is complete.
Movis CI says the exit is necessary due to the steady decline of its financial health. In a public note released on April 7, the company pointed to worsening market conditions in its sector, difficulties in collecting payments from clients, and rising operating costs that haven’t been matched by revenue growth.
These problems have added up. Movis CI reported more than CFA12 billion ($19.9 million) in losses over the past three years. In 2023 alone, it posted a net loss of CFA3.51 billion. Given the scale of its financial troubles, the company says it can no longer sustain its operations. It had already warned shareholders back in May 2024 that it was considering leaving the BRVM.
Once the delisting is complete, Africa Global Logistics will be the only company left under the BRVM’s transport sector index. Movis CI, formerly known as Société ivoirienne d’opérations maritimes (SIVOM), has been in business since 1973. It specializes in maritime, air, and road transport, as well as project logistics, storage, terminal operations, and handling of hazardous goods. Movis CI is part of the Movis International group, which operates in several African countries, including Cameroon and Ghana.
Chamberline Moko
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