Call for Chococam to expand purpose and increase capital

The Chairman of the Board at Chocolateries confiseries du Cameroun (Chocam), the Cameroonian subsidiary of the South African giant, Tiger Brands, issued a release on May 13, 2014 inviting shareholders of the agro-industrial company to a mixed general assembly in Douala on June 11, 2014.

According to the above-mentioned document, during the ordinary general assembly, shareholders will be deliberating “the board report on the company’s management, the auditors’ report, the accounts for the undisclosed exercise on December 31, 2013, results and more.”

From the extraordinary general assembly, the release announces “the expansion of the company’s purpose, the modification and adoption of updated statutes, the increase of social capital through incorporation of the re-evaluation gap and a part of the ‘free reserves’ account.”

The expansion of the company’s purpose announced on the general assembly’s June 11 agenda should enable the Cameroonian subsidiary of the Tiger Brands chocolate manufacturer to officially incorporate the distribution of “Miadi” cosmetic products into its distribution as well as pasta and rice by the “Tastic” brand.

The diversification of Chococam’s traditional activity started in 2013 “is a part of the Tiger Brands (parent company) expansion strategy in Africa” thanks to a partnership signed with Haco Industries – a manufacturing company based in Kenya.

Chococam is one of the 19 Cameroonian companies that received approval on May 2, 2014 to access the CEMAC preferential system that groups six countries in which approved companies’ products are to be sold duty free.