London, 30 April 2025 – Cygnum Capital, acting on behalf of the Africa Local Currency Bond Fund ("ALCB Fund") and the Africa Agriculture and Trade Investment Fund ("AATIF"), is pleased to announce a joint investment of XOF 10 billion (USD 17 million) in a landmark XOF 36 billion (USD 60 million) convertible bond issuance by Sucrivoire, one of Cote d’Ivoire’s leading agribusiness companies.

This milestone transaction marks the first-ever convertible bond issuance in the West African Economic and Monetary Union (WAEMU), representing a significant step forward in the development of the region’s local capital markets. The bond was structured by Hudson & Cie and features a 7-year tenor and a conversion feature exercisable at year three, offering investors both downside protection and potential equity upside. The issuance is further supported by a parent company guarantee from SIFCA, Sucrivoire’ s majority shareholder and a leading agribusiness group in West Africa. The bond is listed on the BRVM (Bourse Régionale des Valeurs Mobilières).

The proceeds from the bond will finance Sucrivoire’ s ongoing capital expenditure program, which forms part of a broader strategic transformation launched in2024. The company is undertaking significant investments in agricultural modernisation, industrial infrastructure upgrades, and farm expansion to enhance productivity.

As an asset manager focused on mobilizing local currency financing for impactful investments, Cygnum Capital sees this transaction as a strong alignment with both ALCB Fund’s and AATIF’s dual mandates: deepening local debt capital markets and promoting sustainable development across strategic sectors such as agriculture.

Sucrivoire, is a major player in the Ivorian sugar market and employs over 6,000 people across its integrated farms in Zuenoula and Borotou. The company is listed on the BRVM and majority owned by SIFCA, a regional agribusiness leader with operations spanning palm oil, natural rubber, sugar, and renewable energy.

The bond issuance was fully subscribed, attracting a diverse investor base including the ALCB Fund, AATIF, SIFCA, minority shareholders, and domestic pension funds and asset managers—underscoring growing investor appetite for innovative, impact-aligned instruments in local currency markets.

Franck Fodvo, Investment Officer of the ALCB Fund, Cygnum Capital, commented: “This transaction exemplifies our strategy of supporting capital market innovation in Africa while investing in high-impact sectors like agriculture. By facilitating the first convertible bond in WAEMU, we are helping to deepen local markets and introduce flexible,investor-friendly instruments. Sucrivoire plays a critical role in the Ivorian’s sugar sector, and we are proud to be part of its next phase of growth.”    

Karl Weinfurtner, Chairman of the AATIF Investment Committee, said: “AATIF seconds the vision of Sucrivoire, to invest heavily into its farming and processing capacities. The company set itself ambitious targets to increase local production and has already made tangible progress to improve yields of the farms. AATIF is pleased to support a project that includes both, local farming as well as local processing of raw inputs into finished goods. AATIF also appreciates the in depth understanding the company of the needs of the local market. Lastly, AATIF is very pleased to second the significant contributions by shareholders of Sucrivoire in Côte d’Ivoire to maintain decent employment opportunities in the rural areas of the country.

‍ENDS

Sucrivoire: Sucrivoire is the second largest sugar producer of Cote d’Ivoire. The company was formed in 1997 following the privatisation of SODESUCRE. Sucrivoire specialises inoperating sugarcanes farms, producing and distributing sugar across thecountry. The company is listed on the BRVM (Bourse Régionale des Valeurs Mobilières) and its main shareholder is SIFCA. Learn more: https://groupesifca.com/sucrivoire/

SIFCA: SIFCA (Societe et financiere de la Cote Africaine) is an Ivoirian conglomerate with interests in 13 subsidiaries operating in various sectors in Sub-Saharan-Africa. SIFCA was founded in 1964 in Abidjan, Cote d’Ivoire and the company has evolved to become SIFCA Group, a leading agro-industrial conglomerate in West Africa. The group operates in 5 countries (Cote d’Ivoire, Ghana, Nigeria, Liberia and Senegal), has sales team in France and Singapore, employs 33,000 people. SIFCA Group is the largest employer of Cote d’Ivoire. Core businesses of SIFCA Group are palm oil, natural rubber, sugar and renewables energies. Lean more: https://groupesifca.com/

ALCB Fund: The ALCB Fund was founded by KFW in 2012 on behalf of the German Ministry for Economic Cooperation and Development (BMZ). The Fund’s mission is to support the development of African capital markets by promoting primary corporate bond issuances in local currency. This is achieved by supporting African issuers, investors and intermediaries by acting as an anchor investor and providing technical assistance. Learn more: www.alcbfund.com

AATIF: The AATIF was founded by KFW in 2011 on behalf of the German Ministry for Economic Cooperation and Development (BMZ). The Fund’s mission is to realize the potential of Africa’s agricultural production, related manufacturing and services, and trade through sustainable investments across the entire value chain. Learn more: https://www.aatif.lu/home.html  

Cygnum Capital Group: Cygnum Capital Group is an investment bank and asset manager operating across frontier and emerging markets. Formerly known as Lion’s Head, which was founded in 2008,Cygnum Capital is now a global provider of tailored and innovative financial solutions to meet its clients’ diverse needs. Learn more: www.cygnumcapital.com