Cameroon: Medcem Cameroon receives new capital

Cameroon: Medcem Cameroon receives new capital
Published: 21 April 2016

Tagged Under: Camerooon Medcem Cameroon 

The share capital of Medcem Cameroon, a subsidiary of the Turkish group Eren Holding, has soared from XAF10m (US$172,129) to XAF400m, a legal statement by the firm revealed on Wednesday.

StarAfrica reports that this capital upsurge by cash contribution from shareholders, is in stark contrast with the commercial activities of the cement plant whose products have been absent from the market for over six months.

After several postponements and a test phase in late August 2015, Medcem cement production was stopped just after the public appearance of some bags of the firm based in Cameroon’s commercial capital, Douala.

Medcem Cameroon, which boasts a production capacity of 0.6Mta, expandable to 1Mta, is in competition with the Nigerian Dangote Cement, CIMENCAM (Lafarge) and Morocco-based African Cement (CIMAF) which belongs to the Addoha group.