Bolloré Group reclassifies stake in SAFACAM

Compagnie du Cambodge, a Bolloré group company, which held 20.32% of the shares in Société anonyme forestière et agricole du Cameroun (SAFACAM), sold its assets (by saving only one of its 84,127 shares, which enables it to remain on the board) to Française SAFA, the parent company of SAFACAM, also controlled by Vincent Bolloré.

Following this reclassification of the Bolloré Group securities, SAFA now cushions its majority shareholding position of SAFACAM with “68.93% of the social capital and voting rights” while total participation by the group itself in the agro-industrial company listed on the Douala Stock Exchange (DSX), remains unchanged.

This arrangement which leave questions for the reasons which have not yet been stated by the Bolloré Group, took place on June 4, 2014. “The off-market operation has made SAFA cross the threshold of 50% and 66.57% of SAFACAM’s capital voting rights, and Compagnie du Cambodge’s have declined by 20%, 10% and 5%. For the next 12 months, SAFA has no plans for SAFACAMs securities (…) and has no intention of un-listing SAFACAM,” indicates the above-mentioned release.

SAFACAM cultivates over 14,826 acres of oil palm in the department of Sanaga Maritime, in the coastal region of Cameroon. According to the financials published by the company in May 2014, its net result from 2013 declined by over 40%, falling to 2.871 trillion FCFA, against 4.363 trillion FCFA the preceding year.