During a mixed general assembly to be held on June 12, 2014 in Douala, the capital of Société camerounaise de palmeraies (Socapalm) will be raised to 45.7 billion FCfa compared to the current 15.2 billion FCfa which is a significant increase by 300% according to the May 21 press release published by the agro-industrial company.

Socapalm’s increase in capital will be done “by the incorporation of the total revaluation surplus (10.2 billion FCfa), the total issuance premium (9.3 billion FCfa), the total in free reserves (1.7 billion FCfa) and a part of retained earnings amounting to 9.1 billion FCfa.”

Listed on Cameroon’s Douala Stock Exchange (DSX), Socapalm closed 2013 with a net increase of close to 50% relative to 2012. According to the company’s financials, Socapalm had pre-tax net profit of 5.167 billion FCfa in 2013 against only 3.6 billion FCfa in 2012.