• Update: 2020-10-31 21:46

COMPAGNIE SUCRIERE CONGOLAISE S.C.R.L.

 

 

90119250408000001

Constitution

The Compagnie Sucrière Congolaise was created on April 8, 1925 with a capital of 30 million francs represented by 50,000 shares 1st series of 100 francs and 50,000 shares 2nd series of 500 francs. The registered office was established in Tumba and the administrative headquarters in Brussels. 

The 50,000 1st series shares were subscribed and immediately paid up by 20% as follows: 

25,000 shares by Banque d'Outremer S.A.
25,000 shares by the Compagnie de Congo pour le Commerce et l'Industrie C.C.C.I.

The 50,000 2nd series shares were subscribed for and immediately paid up by 20% by:

Names

La Banque d’Outremer S.A.
La Compagnie de Congo pour le Commerce et l’Industrie C.C.C.I. S.A.
La Société Générale de Belgique S.A.
La Mutuelle Mobilière et Immobilière S.A.
MM F.M. Philippson et Cie S.N.C.
Henri Lambert
Le Crédit Général du Congo S.A.
MM Fabri et Cie S.C.S.
Josse Allard
La Société Coloniale Anversoise S.A.
La Banque Commerciale du Congo S.A.
Henri Naus
La Sucrerie et Raffinerie de Moerbeke-Waes S.A.
La Raffinerie Tirlemontoise S.A.

La Sucrerie Frans Wittouck S.A.r

Number

11.500
6.500
6.000
5.000
4.000
2.000
2.000
1.000
500
1.000
400
5.100
2.000
2.000

1.000

 

 

On June 18, 1925, 30,000 fully paid-up 2nd series shares were offered for subscription at a price of 575 francs.

First Board of Directors 

Directors: Maurice Lippens, Henri Naus, Arthur Bemelmans, René Boël-Solvay, Désiré de Schoonen, Emile Lejeune-Vincent, Albert Marchal, Jean Marien, Jules Philippson, Firmin Van Brée, Jean Wittouck.
Auditors: Jules Mahilion, Marcel Serruys, Paul Simon, G. Tibbaut, Count Rodolphe van der Burgh.

Object 

The manufacture of sugar in Africa and particularly in the colony of Belgian Congo, the cultivation of cane and all other plants used for the manufacture of sugar, the manufacture of all by-products, the exploitation, trade, processing of all agricultural products and by-products or used in sugar refineries.
To carry out, without limitation of nature or place, all ancillary or related enterprises and operations.
To take an interest in all enterprises or operations likely to promote the realization of its object (12-(28/06/1925)-8367).

Change(s) in capital, event(s), shareholding(s), dividend(s), quotation 

On November 9, 1926, the capital was increased to 60 million francs by the creation of 50,000 first series shares of 100 francs and 50,000 second series shares of 500 francs, issued respectively at a price of 120 and 600 francs and subscribed by the Banque d'Outremer. The Banque d'Outremer offered them to shareholders for subscription, at the same price, share for share and irreducibly. 

During the year 1926, the establishment works in the valley of Kwilu-Madiata continued normally, the construction of the European city was undertaken, as well as the works of connecting the railway to the factory. 

At the end of 1926, 103 hectares were planted, 120 hectares were ploughed, and more than 200 hectares were cleared and cleared. The train arrived at the Kwilu farm in August 1927. 

From 7 to 11 March 1927, 20,000 shares of the 2nd series were put up for sale by public subscription at a price of 1,200 francs per share (21-(1928 T1)-660-661). 

During the years 1927 to 1929, the Company continued to develop the extension of crops, the construction of the factory, the development of the railway and the completion of the workers' village. 

In 1929, the production of sugar of higher polarization was 820 tons (21-(1930 T1)-688).

To improve production, the Company decided on November 10, 1931, to transform the representation of capital and increase it as follows: 

Conversion of 1st series shares of 100 francs into 2nd series shares of 500 francs, the exchange was made based on 5 1st series shares of 100 francs for 1 2nd series share of 500 francs. The 120,000 shares of the 2nd series became ordinary shares.

Capital increase of 40 million francs to 100 million francs through the creation of 80,000 preference shares of BEF 500 each, subscribed at par and fully paid up by Compagnie du Congo pour le Commerce et l'Industrie, with a commitment to offer them to former shareholders on a preferential basis of 2 preference shares for 3 ordinary shares (21-(1935 T1)-744).

90119250408000004

During the early 1930s, the production of crystallized sugar increased year by year to reach a production of 8,467 tons in 1935. 

1936 was a difficult year for the Company; the world crisis caused a drop in the price of sugar, which had already been felt in previous years, and hit the Company hard as it grew. 

In 1937, the Company continued its recovery; the results of the 1937 crop year confirmed the effectiveness of the cultivation methods used in recent years; on November 30, the Company decided to reorganize its financial structure by reducing its capital by 40 million francs to 60 million francs through the amortization of losses and other balance sheet items. The par value of preferred and common shares was eliminated (21-(1940 T1)-309-10). 

During the years of the Second World War, the Company continued to manufacture sugar and sales of sugar increased. 

Starting in 1946 the Company made a new start, its area under harvest was 2,366 hectares compared to 2,290 in 1940, its sales were 8,261 tons for the Belgian Congo compared to 2,152 in 1940. 

On November 17, 1947, the Company paid the dividends for the fiscal years (21-(1946-47 T6)-2740 to 2743):

Exercices

Act priv brut

Act ord brut

1940

30

30

1941

30

30

1942

30

30

1943

40

40

1944

45

45

1945

45

45

1946

60

60

The Company ended the 1940s with an increase in production and sales, which allowed it to make profits and distribute dividends:

 

Exercices

Act priv brut

Act ord brut

1947

60

60

1948

70

70

1949

70

70 (1)

(1)Coupon of New titles 

 

90119250408000002

From March 27 to September 30, 1950, the Company proceeded, pursuant to the law of January 17, 1949, to the exchange of Preferred shares for common shares (21-(1950 T4)-3250 to 3252). 

On November 20, 1953, the EGM decided that the francs forming the capital of the Company were Congolese francs. On the same day, it modified the representation of the capital by transforming the 84,000 preferred shares and the 126,000 ordinary shares into 210,000 shares with no par value. The exchange took place based on one new share for one preferred share or one ordinary share and this as from April 1, 1954. The capital was then 60 million Congolese francs (21-(1955 T4)-3746 to 3749).

 

On January 15, 1957, the capital was increased from 60 million to 150,600,000 francs, without the creation of new shares, by capitalizing reserves and capital gains on fixed assets. Then the capital was increased to 250 million francs by the creation of 71,000 shares issued at a price of 1,400 francs and subscribed by the Compagnie du Congo pour le Commerce et l'Industrie, which offered them for sale at the same price plus 90 francs for expenses, up to 70,000 shares to the owners of old shares, irreducible in the proportion of 1 new share for 3 old shares, and in addition, reducible for shares not absorbed; the remaining 1,000 shares were reserved for members of the Company's staff.

 

90119250408000003

During the 1950s, the Company continued to grow and since 1957, the capital increase has provided nearly 100 million francs for the establishment of new facilities capable of absorbing ever-increasing production. 

At the end of 1960, the area under harvest was 3460 hectares against 2759 in 1950, the total production of white granulated sugar was 25,933 tons against 12913 in 1950 (21-(1960 T3)-3029 to 3032).

Dividends paid between 1950 and 1960

(1) Net coupon in FB of the new shares

Exercices

Act priv brut

Act ord brut

1950

70

70

1951

75

75

1952

85

85

1953

(1)

80

1954

(1)

85

1955

(1)

85

1956

(1)

90

1957

(1)

90

1958

(1)

90

1959

/

0

1960

/

0

 

 

 

 

 

Following the independence of the Congo, the Company opted for Belgian legal status pursuant to the law of June 17, 1960. As a result, it was subject to Belgian law and its registered office was established in Brussels. On December 22, 1961, it contributed its assets located in the Congo to Compagnie Sucrière du Congo, a Congolese company with a capital of 1,200 million Congolese francs and represented by 502,000 shares without designation of value. 

The new object of the Belgian Company was: 

The manufacture and refining of sugar in Africa and particularly in Congo, the cultivation of cane, as well as all other plants used for the manufacture of sugar, the manufacture of all by-products, the exploitation, trade, transformation of all agricultural products and by-products or used in sugar refineries (21-(1965 T3)-1864). 

In 1963, the Company changed its corporate name to Société de Gestion et de Financement des Industries du Sucre "SOGESUCRE". 

After the Zaireanization of 1973, the Congolese Society was nationalized and transferred to the National Sugar Office. It was not until 1976 that it was returned with the obligation to transfer 40% of the shares to Zairian partners (2-(1977-141). 

In 1977, the capital of SOGESUCRE was reduced to 235,950,000 francs and a reimbursement of 50 francs was distributed to each share in 1978 (2-(1978-136).

Public Purchase Offer 

From May 20 to June 6, 1986, Finasucre made a Public Purchase Offer on the 40,091 shares with coupon 48 attached still in circulation at a price of 940 francs; on September 30 of the same year SOGESUCRE will be delisted from the quotation on the Brussels Stock Exchange (2-(1987-222).

Tables of prices in fb and figures of the sugar exploitation of the Compagnie Sucrière Congolaise:

sucriere congo5

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                    Table - Sugar farm

Years

1936

1937

1938

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

Area subject to harvest

2.211 hectares

2.238 hectares

2.290 hectares

2.590 hectares

2600 hectares

2600 hectares

2680 hectares

2620 hectares

2414 hectares

2366 hectares

2567 hectares

2685 hectares

2816 hectares

2759 hectares

2785 hectares

2896 hectares

2785 hectares

2919 hectares

2928 hectares

3011 hectares

3226 hectares

3466 hectares

3574 hectares

3460 hectares

Total production of granulated sugar

9175 tonnes

13304 tonnes

14217 tonnes

15988 tonnes

11897 tonnes

16226 tonnes

13808 tonnes

12308 tonnes

13228 tonnes

13288 tonnes

15610 tonnes

15733 tonnes

12602 tonnes

12913 tonnes

14150 tonnes

15283 tonnes

16433 tonnes

15894 tonnes

15790 tonnes

17332 tonnes

19322 tonnes

17678 tonnes

26621 tonnes

25933 tonnes

 

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