In a press launch, GSEZ denies “false rumors and inaccurate statements in regards to the acquisition of the Société nationale des bois du Gabon (SNBG) by GSEZ in 2018 circulated on social networks” claiming that it purchased a closely indebted firm from amounting to 22 billion FCFA.
Right here is the press launch:
This communication goals to debunk the misinformation that has been unfold on-line and supply dependable and complete knowledge on this subject.
In current days, false rumors and inaccurate statements relating to the acquisition of SNBG by GSEZ in 2018 have circulated on social networks. This communication goals to debunk the misinformation that has been unfold on-line and supply dependable and complete knowledge on this subject.
SNBG was created in 1975 and is the oldest firm within the Gabonese forestry business. From 1975 to 2009, the corporate’s essential exercise was the commerce and export of logs, primarily okoumé, bought from loggers. Throughout this era, SNBG didn’t develop any manufacturing or processing actions regardless of the necessities of the forest code. It was solely in 2009, eight years following the adoption of the forest code, that it underwent a radical transformation by revising its enterprise mannequin.
Regardless of these efforts, SNBG was working at losses following the federal government’s determination to ban the export of logs. Deloitte, which audited the corporate’s monetary experiences in 2015 and 2016, reported debt valued at CFAF 13.2 billion and CFAF 16.9 billion, respectively. In 2018, SNBG’s whole debt exceeded 30 billion FCFA.
With a view to an acquisition, GSEZ offered a suggestion which was accepted by the Gabonese authorities, primarily based on its 38.5% stake in GSEZ through CDC. The GSEZ proposal was the one formal submission together with a complete debt restructuring plan.
Deloitte, as revealed in its report, recognized a number of important factors within the monetary statements of SNBG:
The web outcomes have been in deficit for the fiscal years 2013 (-188 million XAF) and 2014 (-3.9 billion XAF), in line with audits carried out by the auditors.
The monetary statements for the yr 2014 weren’t authorized by the Extraordinary Normal Meeting of SNBG, regardless of their finalization by the board of administrators.
The monetary statements for fiscal years 2015 and 2016 haven’t been audited, finalized or authorized.
There was an insufficiency of realizable and out there belongings to fulfill the due liabilities, with quantities of XAF 5.14 billion in 2015 and 16.9 billion XAF in 2016.
In abstract, as highlighted by Deloitte, the scenario had develop into unsustainable, and the Gabonese State was confronted with the prospect of settling SNBG’s money owed, estimated at practically 30 billion XAF. It’s on this context that GSEZ offered its proposal, in competitors with the corporate Hijua Way of life Expertise CO. LTD. (now bankrupt), and GSEZ was lastly chosen by the State.
GSEZ acquired SNBG in 2018 beneath the next monetary phrases:
- Switch of all liabilities of twenty-two.4 billion FCFAtogether with
- All social money owed value 2.4 billion FCFA, 100% have been repaid
- Financial institution loans value 15 billion FCFA, 90% have been repaid
- Money owed with suppliers value 4.9 billion FCFA, 90% have been repaid
- Cost of the ‘symbolic franc’ of 1 million FCFA
Following its acquisition by GSEZ and the implementation of recent investments and methods, SNBG, as soon as on the verge of chapter in 2016, underwent a profitable restructuring course of, leading to profitability. As well as, the business debt of twenty-two billion FCFA from 2016 was virtually paid off by the injection of fairness into the corporate.
GSEZ then reworked SNBG by investing greater than 30 billion FCFAby diversifying the commercial basin, by growing and making purposeful 6 factories and creating 2000 jobs to remodel and deal with wooden.
| KEY FIGURES Forest : ● Space of the commercial complicated in 2017, earlier than restructuring: 340 590 hectares ● Space exploited in 2024: 838 644 hectares Money owed : ● Complete business money owed on the time of restructuring: 22.4 billion FCFA Investments : ● New investments valued at present at greater than 30 billion FCFA ● 1 non-functional manufacturing unit earlier than the acquisition in comparison with 5 factories following the funding by GSEZ Capital social : ● Share capital of 10.3 billion FCFA in 2017 earlier than the restructuring ● Share capital of 26.3 billion FCFA in 2023 ● Fairness of 4 billion FCFA earlier than the acquisition (2017) ● Fairness of 37 billion FCFA following (2023) Job creation : ● 400 jobs in 2018 when GSEZ acquired SNBG ● At this time, SNBG represents a complete of roughly 2,000 direct and oblique jobs in forest concessions and processing models ● Greater than 90% of staff are nationals Cost of taxes : +1 billion FCFA (2019-2022) • CNSS: +62 million FCFA (2019-2024) • CNAMGS: +62 million FCFA (2019-2024) • Varied taxes: +177 million FCFA (2019-2024) • Space tax: 796 million FCFA (2022-2024) |
In conclusion, primarily based on the weather beforehand offered, GSEZ reaffirms its dedication to sustainable growth according to the Millennium Improvement Targets (UN) and the accountable industrialization of the forestry sector, supplier of steady jobs in Gabon.
Supply : com GSEG
2024-05-18 09:16:42
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