Cameroon Hotels Corporation Takes First Operational Step Toward BVMAC Listing

Cameroon Hotels Corporation (CHC) has taken its first operational step toward a listing on the Central African Stock Exchange (BVMAC), with the state-owned Hilton Yaoundé operator now seeking brokerage firms to structure and support the process.

CHC, which is 95.6% owned by the Cameroonian government, launched the selection process on Sept. 9, 2026. Applications are due by 3 p.m. on Sept. 18, according to a notice published by the Public Procurement Regulatory Agency (ARMP).

The selected firms will assess whether CHC meets listing requirements and help structure the transaction. Applicants must be licensed by the Central African Financial Market Supervisory Commission (Cosumaf), have operated in the Cemac region for at least five years and demonstrate experience in initial public offerings, fundraising and acquisition audits.

The consultation brings CHC into an operational phase of preparations for a potential listing, but does not guarantee that the process will be completed. The notice does not specify how much of the company could be offered to investors, its target valuation or a timetable for a potential public offering.

ADC Is Further Ahead

The planned listing stems from presidential approval granted on Aug. 29, 2022, for four state-owned companies to join the BVMAC: CHC, Airports of Cameroon (ADC), the Port Authority of Douala (PAD) and cotton producer Sodecoton.

ADC has made the most progress so far. The airport operator is already working with Emerald Securities Services Bourse, Deloitte & Touche and NYA & Co. At a June 24, 2026, workshop in Kribi, the parties assessed ADC’s compliance with Cosumaf and BVMAC requirements and reviewed the remaining work before a potential admission to the exchange’s “Premium” segment.

CHC has also secured support to reduce the cost of its listing. On July 10, 2026, it was selected alongside three Gabonese companies for a program that covers part of the associated expenses.

A total of $223,780, or about CFA143 million, is available for the four beneficiaries. The African Development Bank finances the program through the Fund for African Private Sector Assistance under a project that supports Central Africa’s unified financial market.

Debt Raise Estimated at CFA25 Billion

The potential stock-market listing comes alongside another financing operation that CHC launched this year. On April 15, 2026, the company selected a consortium of Attijari Securities Central Africa, AFG Capital and Financia Capital to arrange a debt raise for the renovation of the Hilton Yaoundé.

CHC has not disclosed the amount it plans to raise. However, the consortium will receive a fee equivalent to 1% of the funds actually raised, including taxes, capped at CFA250 million. If the maximum fee applies, the targeted financing can therefore be estimated at about CFA25 billion.

A stock-market listing could provide a second financing channel, depending on the structure ultimately chosen. A capital increase would provide CHC directly with new funds. A sale of shares held by the government, by contrast, would primarily change the company’s ownership structure, with the proceeds going to the selling shareholder.

The Sept. 9 call for expressions of interest does not indicate which option CHC will favor.

CFA2.1 Billion Profit in 2025

CHC’s financial statements for the year ended Dec. 31, 2025, show a profitable company despite a slight decline in revenue. Revenue fell 2.9% to CFA12.19 billion from CFA12.56 billion in 2024. Operating profit, however, rose 34.8% to CFA1.86 billion from CFA1.38 billion. Financial income also remained positive at CFA889.2 million, compared with CFA856.4 million a year earlier.

Net profit declined 12.8% to CFA2.10 billion from CFA2.41 billion in 2024. Net cash increased 8.8% to CFA16.96 billion, while equity and similar resources rose to CFA31.89 billion. These financial indicators will be among the factors that determine CHC’s valuation and how potential investors assess the company.

CHC is also preparing a five-star hotel complex in Idolo, Kribi. In 2026, it launched a selection process for architectural firms to prepare the project’s initial design. No overall cost or financing plan has yet been disclosed.

Amina Malloum