Cameroonian microfinance institution Renaprov Finance is pressing ahead with plans to list on the Central African Stock Exchange, or BVMAC, despite the exchange rejecting its application in its current form.

The decision means Renaprov must address three concerns before its listing application can return for consideration. The issues include a land dispute before Cameroonian courts, questions over whether the company should instead join BVMAC’s E-PME segment and the regulatory approval of its external auditor.

The setback comes after investors had already subscribed to 52,019 new Renaprov shares, raising CFA1.092 billion ($1.94 million). The shares were admitted to the Central Securities Depository for the Central African Economic and Monetary Community, or Cemac, on June 30.

Renaprov said it will continue working with BVMAC and the other parties involved in the transaction to address the exchange’s concerns.

“We have taken note of the decision. We will calmly continue the collaboration initiated as part of Renaprov Finance S.A.’s stock market listing process,” said Jean Patient Tsala, head of Renaprov Finance’s Communication and Public Relations Division.

Land dispute puts listing under scrutiny

The biggest concern involves a land dispute between Renaprov Finance and Martin Joël Mbia Essama that is before Cameroonian courts.

BVMAC’s Admission and Development Committee said an unfavorable ruling could hurt Renaprov’s credibility and the reputation of the regional financial market. The decision did not disclose the value of the property involved or Renaprov’s potential financial exposure.

The committee also asked BVMAC management to consider whether Renaprov should be admitted to the exchange’s E-PME segment. Such a move would require the microfinance institution to appoint a Listing Sponsor approved by the Central African Financial Market Supervisory Commission, or Cosumaf.

The sponsor would support Renaprov for one to two years as it meets its obligations as a listed company. BVMAC also requested clarification on the regulatory approval of the external auditor that certified Renaprov’s financial statements submitted during the offering process.

Renaprov raised just 13% of its target

Renaprov initially sought CFA8.4 billion ($14.89 million) by issuing up to 400,000 new shares at CFA21,000 ($37.22) each. The offering was designed to open 44.44% of the company’s capital to new investors.

By the original March 15, 2026, subscription deadline, about CFA1.1 billion ($1.95 million) had been raised. Afriland Bourse & Investissement, the arranger, later extended the subscription period to May 15.

The final CFA1.092 billion raised represented only about 13% of the original target. The lower subscription also reduced the portion of Renaprov’s capital sold to investors.

Before the offering, Renaprov had CFA5 billion ($8.86 million) in capital divided into 500,000 shares. The 52,019 new shares increased the total to 552,019, giving new investors about 9.42% of the company after the transaction instead of the planned 44.44%.

Renaprov plans to use the funds to strengthen its equity base and expand its financing capacity. BVMAC has not closed the door on the listing.

Its committee instructed management to continue discussions with Renaprov and Afriland Bourse & Investissement and reconsider the application once the requested clarifications are provided.

Tsala also reassured investors who subscribed to the offering that the transaction would proceed transparently and in line with BVMAC’s requirements. BVMAC has not set a deadline for the next review.

Renaprov Finance is a Cameroonian microfinance institution seeking to strengthen its capital base and expand its lending capacity through the capital markets.