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Yaoundé - 18 January 2020 -
Companies

Medcem Cameroon adds XAF17 bln to its capital, creating 1.759 mln new shares

Medcem Cameroon adds XAF17 bln to its capital, creating 1.759 mln new shares
  • Comments   -   Tuesday, 23 July 2019 18:14

(Business in Cameroon) - Turkish group, Eren Holding’s Cameroonian subsidiary Medcem Cameroon, recently increased its capital from XAF400 million to XAF17.5 billion. With this increase, the subsidiary is creating 1.759 million new shares with a nominal value of XAF10,000.

Medcem explains that the new capital was raised from trade receivables and incorporation of shareholders’ current account.

Currently, the company is the smallest cement producer in Cameroon with an annual production capacity estimated at 200,000 tons, far behind Cimencam (2 million tons), Dangote (1.5 million tons) and Cimaf (500,000 tons).

Based on this year’s production capacity projected by operators in the sector, the minister of economy ranked Dangote (45%) as leader of the market. This was followed by Cimencam (30%), Cimaf (22%) and Medcem (3%).

Sylvain Adzongo

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