BGFI Holding Wins Court Approval, Prepares to Relaunch BVMAC IPO

(Business in Cameroon) – A Libreville (Gabon) commercial court ruled on Friday in favor of BGFI Holding Corporation in a dispute with a group of shareholders led by Christian Kerangall, who holds a 23% stake. According to a company statement, the court dismissed “all of the claimants’ allegations” and rejected their demands, thereby validating “all resolutions adopted” during the last general assembly.

At the center of the dispute was BGFI Holding’s planned stock market listing on the BVMAC, which was initially scheduled for July 15, then postponed to July 31, and later suspended indefinitely. The dissenting shareholders also contested a capital increase of 15.7 billion CFA francs, which would have raised the company’s share capital from 141.6 billion to 157.3 billion CFA francs.

By confirming the validity of the Extraordinary General Meeting held on June 25, 2025, the court has removed one of the main legal obstacles to the operation. The ruling noted that the meeting was conducted in “strict compliance with the legal and regulatory provisions in force.“

IPO to Resume Imminently

BGFI Holding’s planned stock market debut in Douala had attracted significant investor interest. The operation was set to list 1,573,536 shares, or 10% of the company’s capital, at 80,000 CFA francs per share, aiming to raise 125.8 billion CFA francs in equity.

The shareholder rebellion, combined with a change in governance following the appointment of former Chairman Henri-Claude Oyima to the Gabonese government, led the company to suspend the process. To preserve “stakeholder peace,” the board of directors announced it would await the court’s decision.

Now, the path is clear. BGFI Holding confirmed that its “Dynamique 2025” plan is in its final phase with better-than-expected results, and announced a new 2026-2030 strategic plan focused on the sustainable financing of African economies. The holding company promised that the IPO would resume “very soon” and that an official announcement would follow with a specific timeline.

Amina Malloum