WARA reiterates Filtisac’s rating to “A”

The packaging leader in French-speaking Africa, headquartered in Abidjan, remains rated A by WARA. The perspective remains stable.

West Africa Rating Agency (WARA) reaffirms Filtisac SA’s rating. On the regional scale of WARA, Filtisac’s long-term rating remains at “A”, in investment grade, and its short-term rating remains “w-3”. Filtisac is the packaging leader in French-speaking Africa. The perspective attached to these ratings remains stable.
At the same time, on its international scale, WARA also affirms Filtisac’s rating at iBB- / Stable / iw-5.

Ivory Coast company FILTISAC SA (Spinning, Weaving, Bags, Ivory Coast S.A.) is an industrial company specialized in the manufacture of packaging for storage, transport and handling. It was founded in July 1965 by IPS-WA (Industrial Promotion Services – West Africa), on the initiative of President Felix Houphouet-Boigny and Prince Aga Khan. This decision was part of the Head of State’s policy of guaranteeing the supply of packaging for coffee and cocoa exports from Côte d’Ivoire.

The Aga Khan Group dominates the shareholding of FILTISAC, with at least 46% of the capital, divided between two entities: Aga Khan Fund for Economic Development (AKFED) and IPS WA. IPS WA, controlled by AKFED, is only a shareholder of FILTISAC at a rate of 10%, but is positioned as its reference shareholder.

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