Sonatel proposes stock split and governance reforms

Sonatel, the Senegalese national telecommunications company, has called an extraordinary general meeting of shareholders via videoconference for October 8, 2026.

A primary item on the agenda is a proposed 1-for-10 stock split. If approved, the nominal value of each share would decrease from 500 to 50 CFA francs, increasing the total number of shares from 100 million to one billion. This operation is intended to have no impact on the total value of shareholder holdings or the company's social capital, which remains at 50 billion CFA francs.

The meeting also addresses significant changes to the company's governance structure. Proposed amendments to the bylaws include the potential removal of two clauses established during the 1997 privatization. These clauses currently grant the Senegalese state a seat on the board of directors and a veto right over certain decisions. Additionally, the reforms propose the creation of a nomination and remuneration committee and a reorganization of the audit committee's competencies.