For many years, Mécelco, the Texaf subsidiary active in metalwork in Lubumbashi, held a commercial debt from the maintenance and repair of Gécamines railway wagons. Given the great delay in payment, this debt was entirely written off in the Texaf group accounts. Mécelco has just sold this debt for a net sum of $ 4,6 million, the payment of which will be made in instalments over the current financial year.
To date, a first instalment of $ 2,5 million has effectively been received. In terms of the Texaf group share result, the net impact of this first instalment amounts to EUR 1,1 million.
The settlement of the total sum expected should, at the current rate of the $, contribute up to EUR 1,9 million to Texaf's consolidated net result (group share) in 2008. However, this result will only be entered into the accounts as and when the instalments are effectively received.
The results forecast for Texaf published on 28 February 2008 did not take these impacts into account.
This sum will enable Mécelco to accelerate its programme for development. Indeed, in anticipation of the economic recovery underway in Katanga, the Texaf group had since a year increased the financial and human resources made available to its subsidiary. The growth of sales in recent months justifies this policy.
Texaf, founded in 1925, is the only investment company with industrial, financial and real estate interests that is quoted on the Euronext exchange and which to this day continues to have all its activities and establishments in the Democratic Republic of Congo.
This stock market listing of activities in the Congo, together with the resulting obligations of good governance and transparency, form a major asset of the group in promoting the formal sector in the DRC.
Contact: Philippe Croonenberghs, CEO: +32 495 24 32 64
