Société de ciment de Madagascar, a subsidiary of Ivorian banker Bernard Koné Dossongui’s Atlantic Financial Group, has moved into the cement business, creating competition for Cementis, the island’s largest cement manufacturer.
Dossongui is the founder and controlling shareholder of Atlantic Financial Group (AFG) – a financial holding company that owns banks and insurance companies across French-speaking Africa. The company also owns Societe Ciment Cote d’Ivoire (SCCI), a cement plant in Cote d’Ivoire.
According to an official filing on the website of the Economic Development Board of Madagascar, Dossongui’s new venture, which is capitalized to the tune of 1.3 billion Ariary ($285,000), will establish and manage cement, lime, and related hydraulic binder plants in Madagascar, while potentially expanding to other nations. The company’s purview also covers a wide range of functions, from manufacturing to trade and applications of hydraulic binders and construction materials.
Founded in 2006 by Dossongui, AFG is a holding company with interests in banking and insurance, agriculture (cocoa processing), industry (cement and flour mill), hotels, as well as telecommunications.