DAKAR (Reuters) – The government of the Republic of Congo has said it will not recognize the sale of subsidiary Societe Generale Congo to the Vista group, saying the French bank did not grant it a right of first refusal while the Societe Generale claims to have respected the rules.
In a press release dated June 12, the Congolese Ministry of Finance said it was surprised by the announcement, four days earlier, by Societe Generale, of agreements for the sale of its subsidiaries in Congo, Equatorial Guinea, in Mauritania and Chad.
The French group holds 93.5% of the capital of Societe Generale Congo.
The Congolese state strongly denounces this approach and considers the agreement to sell Societe Generale group’s stake in the Vista group as null and void, the ministry said, adding that it would not rule out legal action.
The French bank assured for its part that it had followed the rules to the letter.
“Societe Generale is a responsible player, local and regional regulatory authorities have been informed,” she said in an email to Reuters.
“The completion of these transactions, which could take place by the end of 2023, is subject to the approval of the governance bodies of the entities, to the usual conditions precedent as well as to the validation of the competent financial and regulatory authorities. “, added the bank.
(Bate Felix, with the contribution of Mathieu Rosemain, French version Jean-Stéphane Brosse and Tangi Salaün)
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