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EDC Investment raises CFA5 billion for the SMID

EDC Investment raises CFA5 billion for the SMID
  • Comments   -   Thursday, 02 August 2018 13:53

(Business in Cameroon) - EDC Investment Corp (EDC), the corporation in charge of the fundraising operation aimed at constituting the equity of Société métropolitaine d’investissement de Douala (SMID), informs that on July 5, 2018, at the end of this operation 541,719 shares were bought. These subscriptions amount to CFA5.414 billion, a little more than 50% of the CFA10 billion target.

EDC does not state the reasons why they missed the target but, it informs that with the subscriptions received, the investment community would hold a general assembly in Douala on August 17, 2018 (tentative date).

Let's remind that SMID's goal is to raise CFA1,400 billion to build infrastructures such as Douala international conference center (CFA12.4 billion), Bonabéri multimodal railway station (CFA1.9 billion), the urban forest in Bessékè valley (CFA2.29 billion) and the Douala exhibition center (CFA8.5 billion).

S.A

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