FGIS announces the IPO of its subsidiary SCG-Ré on the Central African Stock Exchange (BVMAC)

Libreville, 2 January 7, 2023 - The Gabonese Sovereign Wealth Fund (FGIS) is proud to announce the first listing of the shares of its subsidiary, the Société Commerciale Gabonaise de Réassurance (SCG-Ré), on the Central African Stock Exchange (BVMAC) under the name "ACTION SCG-Ré".

Created in 2012, the Gabonese Commercial Reinsurance Company (SCG-Ré) has the mission to manage in the name and on behalf of the State, the legal assignment reinsurance of Insurance Companies operating in the Gabonese Republic. It is also responsible for under writing commercial reinsurance or conventional reinsurance (optional and treaty) in Gabon and Africa.

In December 2022, the FGIS reinsurance entity embarked on the conquest of the stock market of the sub-region with the objective of raising FCFA 5,000,000 (five billion CFA francs) to finance its expansion strategy and succeeded in recording a subscription rate of 113% on the Central African Stock Exchange (BVMAC). SCG-Ré prefers to limit the transaction to the amount previously defined by theGeneral Meeting, bringing its capital to FCFA 15. 000,000,000  FCFA (Fifteen billion CFA francs).

The price set at FCFA 20,000 (Twenty-thousand CFA francs) per share, makesSCG-Ré, the 7th value on the share compartment. All the securities issued by"SCG-Ré" on the primary market, i.e. 250,000 (two hundred and fifty thousand) shares, will be admitted to "compartment A" of the BVMAC permanent company, this Thursday, January 26, 2023, under an exceptional agreement from COSUMAF.

Thanks to this operation, SCG-Ré becomes the first reinsurance company approved by the Inter-African Conference on Financial Markets (CIMA) to be listed on the stock exchange. This success is a testament to the strong support of existing institutional partners and investor confidence in the growth strategy implemented by SCG-Ré Board of Directors.

The FGIS and the CGS-Ré: a shared DNA of excellence

As a subsidiary of the FGIS, SCG-Ré represents the ambitions and values conveyed by the Group. The company has developed a sense of the collective, where everyone carries the vision and projects towards performance. The FGIS salutes the agility of the teams and the precision in the deliverables that have made it possible to achieve this regional excellence.

Andrew GWODOG, Director and CEO of SCG-Ré, said: "With this act, SCG-Ré is committed to maintaining the quality of the result  and  the resilience of the company.   In addition, this IPO meets  our obligations under  the Nairobi Declaration, which aims to  comply with the environmental, social and good governance criteria specific to the DNA of all FGIS Group subsidiaries. We extend our sincere thanks to the President of the Republic,  Head of State, His Excellency Ali BONGO ONDIMBA, the Minister of Economy and Recovery and the members of the Government of the Gabonese Republic for their involvement.'

Akim Mohamed DAOUDA, Director and CEO of the FGIS and Chairman of the Board of Directors of the SCG-Ré, said: "I would like to thank all the institutional and financial partners, historical and  new, who participated in this fundraising to support the growth strategy of the SCG-Ré. The ability to execute, the common passion and the perfect synergy of the teams of the SCG-Ré have made it possible to achieve this sustainable success, in line with the evolutions and requirements of the national and international reinsurance market.' 

Already present in Cameroon, Congo andRwanda, the first listing of theGabonese Commercial Reinsurance Company (SCG-Ré) strengthens the expansion of its activities throughout the African continent.  The net proceeds of the funds raised are allocated to the financing of priority actions, such as the opening of subscription offices, the implementation of a risk management and internal control system in line with its activities and the upgrading of staff through an annual training and immersion program with technical partners.

This IPO makes SCG-Ré the first subsidiary to enter the stock market and thus paves the way for other subsidiaries of the Sovereign Fund of the Gabonese Republic (FSRG) whose exclusive agent is the FGIS.

ABOUT THE SOCIÉTÉ COMMERCIALE GABONAISE DE RÉASSURANCE (SCG-RÉ)

Société Commerciale Gabonaise de Réassurance (SCG-Ré) is a subsidiary of the Gabonese Fund for StrategicInvestments. Created in 2012 at the initiative of the State of Gabon and insurance companies present on the national territory.  The mission of the SCG-Ré is to manage, in the name and on behalf of the Gabonese State, the Legal Transfer on premiums, optional and processed insurance companies approved in the Gabonese Republic.It is also responsible for underwriting commercial reinsurance or conventional reinsurance (optional and treaty) in Gabon and Africa.  For more information: www.scg-re.ga / LinkedIn, Facebook and Twitter

ABOUT THE GABONESE SOVEREIGN WEALTH FUND (FGIS)

The Gabonese Sovereign Wealth Fund (FGIS)is the exclusive agent of the Sovereign Fund of the Gabonese Republic (FSRG)and the unallocated participations of the Gabonese State portfolio. The Fund invests in achieving shared prosperity for the benefit of the Gabonese people and future generations. As a partner in the government's action, defined in the2021-2023 Transformation Acceleration Plan, the Fund intervenes in four strategic sectors: infrastructure financing, support for SMEs, promotion of eco-tourism, and support for social sectors. The FGIS also acts as the exclusive agent responsible for the marketing of carbon credits belonging to the Gabonese Republic in the context of the fight against climate change. For more information: www.fgis-gabon.com / LinkedIn and Twitter

PRESS CONTACTS

Aunel Loumba          
Head of Communication and Public Relations    
+241 076 29 25 12      
aloumba@fgis-gabon.com