The government of Cote d’Ivoire plans to sell a 9.95 percent stake in national telco Orange CI, leaving it with five percent of the company.

The sale is expected to raise $221 million for the government.

80 percent of the shares will be reserved for Ivorian nationals. “The measure aims to facilitate domestic investors’ access to investment savings on the BRVM so support the country’s economy,” former Prime Minister Amadou Gon Coulibaly said.

The Bourse Régionale des Valeurs Mobilières (BVRM) is a regional stock exchange serving several West African countries. It is located in Cote d'Ivoire.

Orange Group remains the largest shareholder of Orange CI, with a 72.52 percent stake.

A timeline for the sale was not disclosed. In 2017, Orange CI merged with Côte d'Ivoire Telecom, giving it control over the nation's telecoms market.