• Koné Soukpafolo’s COIC takes control of BRVM-listed Uniwax

• Uniwax posted CFA15.7 billion in H1 2025 revenue, net profit rebounds

• Deal supports downstream integration in Côte d’Ivoire’s cotton sector

Ivorian industrialist Koné Daouda Soukpafolo, known as the “king of cotton,” has reached an agreement to acquire a majority stake in Uniwax, one of West Africa’s leading industrial wax fabric manufacturers listed on the BRVM, sources close to the matter said. The transaction returns Uniwax to Ivorian control.

The acquisition is being carried out through Compagnie ivoirienne de coton (COIC), chaired by Soukpafolo. Financial terms were not disclosed, and the deal remains subject to regulatory approvals. The same sources said Uniwax’s current management and Dutch group Vlisco will continue to support the company to ensure business continuity.

Founded in the late 1960s and based in the Yopougon industrial zone of Abidjan, Uniwax is one of the few remaining industrial wax producers in West Africa. The company manufactures printed fabrics for Ivorian and regional markets and has long been controlled by Vlisco through Ivorian holding Frageci, its historic reference shareholder.

Improved results in 2025 after difficult years

The deal comes as Uniwax emerges from an operational and commercial restructuring phase. In 2025, the company returned to growth and profitability. First-half revenue reached CFA15.7 billion ($28.5 million), up about 12% year on year, followed by a 13% increase in the third quarter of 2025, according to market data. Net income turned positive again after several loss-making years. As of the end of September 2025, cumulative net profit stood at about CFA8.1 billion, supported by improved cost management, a rebound in demand in the Ivorian market and expanded distribution in Nigeria and Guinea.

These results were reflected in financial markets. Between January and November 2025, Uniwax shares rose 267% on the BRVM, ranking among the strongest industrial performers on the regional exchange. The increase lifted the company’s market capitalization to nearly CFA40 billion by year-end, signaling renewed investor confidence in its outlook.

Downstream integration in the cotton value chain

For COIC, mainly active in cotton ginning and processing, the acquisition of Uniwax fits into a downstream integration strategy. Côte d’Ivoire is one of Africa’s leading producers of seed cotton but processes only a limited share locally. Authorities have encouraged investment in the downstream cotton-textile segment for several years to reduce fabric imports and increase industrial value added.

Soukpafolo, often described as one of Côte d’Ivoire’s most influential entrepreneurs, built his group around the cotton sector before diversifying into agribusiness, transport and financial services. Analysts say the takeover of Uniwax could generate industrial synergies, particularly in cotton supply and securing market outlets. COIC is expected to invest in new capacity, according to sources.

However, significant challenges remain. Uniwax operates in an environment marked by low-cost Asian imports, persistent counterfeiting and volatile energy costs.

Fiacre E. Kakpo