Agriculture

Guinea : Cosumar acquires 55% stake in Comaguis

Wednesday, 03 October 2018 14:34
Guinea : Cosumar acquires 55% stake in Comaguis

(Ecofin Agency) - Yesterday, the Moroccan sugar company Cosumar announced that it acquired a 55% stake in Compagnie maroco-guinéenne de sucre (COMAGUIS).

The transaction whose amount has not been revealed, makes the Moroccan company, the major stakeholder of COMAGUIS along with the Guinean company SOGECILE which will now own 45% stake in the company.

The transaction will allow COMAGUIS to have a production plant with 50,000 tons nominal capacity at 1 km from Conakry port. This plant should start commercializing its product (granulated sugar notably) by Q3, 2019.

This stake purchase from the Moroccan group is part of a large plan aimed at strengthening its presence in Africa and in the world.

Let’s also remind that in that regard, the group aims to launch an 840,000 tons sugar refinery plant in the Northwestern region of Saudi Arabia by Q3 or Q4 2019.

Founded in 1929, Cosumar generated a turnover of MAD8.3 billion in 2017. It employs 1,440 permanent workers and owns 8 industrial sites.

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