Ouagadougou: The Council of Ministers, under the leadership of President Ibrahim Traore, announced the expropriation of 37 minority shareholders of SN SOSUCO due to their non-responsiveness to a governmental offer concerning their 305 shares.
According to Burkina Information Agency, government spokesperson Pingdwende Gilbert Ouedraogo revealed that the Burkinabe government became the majority shareholder of SN SOSUCO after acquiring shares from SUCRE PARTICIPATION. The main aim of this acquisition is to maintain the stable supply of quality sugar and safeguard the production infrastructure.
The government is also working towards acquiring a further 1,824 shares from 45 minority shareholders. So far, they have successfully taken over the stakes from eight of these shareholders, acquiring 1,519 shares, which includes seven purchased for a fee and one obtained free of charge.
The remaining shares, totaling 305 and representing 0.0375% of the share capital, are held by 37 shareholders who did not respond to the government’s offer. Consequently, the government has opted for the expropriation of these shareholders, as indicated by the minister.