Foyou Group, a family-controlled conglomerate founded by leading Cameroonian businessman Samuel Foyou, has announced plans to review the share capital of Plasticam, its subsidiary which manufactures cardboard, plastic, and polystyrene packaging.
The planned capital overhaul was revealed in a notice issued by the group’s extraordinary general meeting, which is scheduled for Aug. 12 in Douala, Cameroon’s economic capital.
The proposed review of Plasticam’s share capital has been given a slot on the agenda. The board will plan to reduce or increase the subsidiary’s capital, which is presently set at CFA1 billion ($1.56 million), as well as to amend its articles of association.
The news comes nearly a month after Foyou’s alcohol beverage unit, Societe Brasseries Samuel Foyou (Brasaf), launched its first beer, as well as a line of soft drinks marketed as low in sugar and gas under the brand, “Krystal Drink.”
Brasaf’s entry into the fiercely competitive alcoholic beverage industry comes nearly eight years after Foyou established the unit in Douala through deeds of creation filed on July 10, 2014.
Foyou, one of Cameroon’s wealthiest men, derives the majority of his fortune from investments and businesses in the hotel, food, and printing industries held through his family business, Foyou Group.
Foyou Group, one of Cameroon’s leading conglomerates, has interests in baking, industrial, brewing, and hotel companies such as Unalor, Plasticam, Fermencam, Sotrasel, Biscuiterie Samuel Foyou, Brasaf, and Krystal Group.
Last year, the Cameroonian group opened a CFA16-billion ($27.5 million) five-star hotel in Douala with 237 rooms and 10 suites, making it the city’s first and Cameroon’s second after the Hilton Hotel in Yaounde.
