Togo : Foufoumix opens up 36% of its capital

Investments
Monday, 19 November 2018 18:26
Togo : Foufoumix opens up 36% of its capital

(Togo First) - Foufoumix SA, subsidiary of Logou Concept Togo (LCT) which holds operating licence for foufou-making machine Foufoumix, recently announced the opening of its capital to private investors.

Overall, 48,200 shares with a nominal value of CFA10,000 will be issued for CFA482 million, thus nearly 36% of the startup’s restructured capital which will now be raised to CFA1.4 billion.

Following the operation, LCT will remain major shareholder with a stake of about 64%, valued at 900 million CFA. LCT’s activity will be refocused on research and development.

The fundraising, according to Foufoumix, will help start a more industrial production of its product to better respond to a growing demand “both in Togo, other parts of West Africa, and the diaspora, Europe and USA notably .

Minimum subscription is set to 482 shares worth 4,820,000 CFA.

Through this operation, Foufoumix SA which now holds LCT’s technological innovation and invention licences, hopes to start making profits after years of operating at a loss. It eyes a distributable net income of 109 million in 2019, and 138 million by 2021.

From 2013 to 2017, Foufoumix’s turnover grew by 42.16%, its operating result by 9.14%, its pre-tax result by 52.25% and its result by 36%. However, over the past two years, the firm had to restructure its activities as its results slumped. However, total balance sheet kept growing. From CFA82 million in 2013, the latter soared to CFA293 million in 2017, as financial assets and receivables increased.

Fiacre E. Kakpo

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