(Business in Cameroon) - During a shareholder general assembly held on July 22, 2014, Société de développement du coton (Sodecoton) moved to increase its social capital by 19.1 billion FCFA. This brings the total to 23.6 billion as opposed to the previous 4.5 billion. This, mathematically, represents an increase of close to 600%.
According to the press release, the move was made through “an increase in the nominal value per share, amounting to 42,200 FCFA, freed by incorporation from the total gap resulting partly from revaluation (19,087 billion FCFA) and partly from free reserves (26.6 million FCFA).”
One of the leaders of the agro-industrial sector in Northern Cameroon, the collective of some 250,000 cotton producers, had a net yield of 3.5 billion FCFA in 2013 which was a decline of over 40% relative to the 5.6 billion FCFA made in 2012. This year, Sodecton is aiming to increase its annual production by 30,000 relative to the 2013 season.