Ouagadougou: The Council of Ministers, led by President Ibrahim Traore, has announced the expropriation of 37 minority shareholders holding 305 shares in SN SOSUCO due to their non-responsiveness to a government offer.
According to Burkina Information Agency, government spokesperson Pingdwende Gilbert Ouedraogo explained that the Burkinabe government has become the majority shareholder in SN SOSUCO after acquiring shares from SUCRE PARTICIPATION. The acquisition aims to ensure a steady supply of quality sugar and maintain the production infrastructure.
Continuing this initiative, the government has decided to buy back an additional 1,824 shares from 45 minority shareholders. The state successfully acquired stakes from eight of these shareholders, seven of which were purchased, and one was acquired at no cost, totaling 1,519 shares.
The remaining 305 shares, comprising 0.0375% of the share capital, are still held by the 37 shareholders who did not respond to the government's offer. Consequently, the government proceeded with expropriating these shareholders, as stated by the minister.