Société de Plantations & d'Elevage du Kivu S.A.

Constitution

The company was incorporated on December 7, 1926 with a capital of 500,000 francs represented by 1,000 shares with a capital of 500 francs; in addition, 500 founder's shares were created. The registered office was established in Antwerp.

Out of the number of shares issued, 200 shares with a 25% paid-up capital and 250 founder's shares were allocated to Mr. Henri Capart for the contribution described below.

The remaining 800 capital shares were subscribed for cash and the 250 founder's shares were divided among the subscribers in accordance with their specific agreements.

Contribution(s)

Mr. André Capart, planter, residing in Roubaix, contributed to the Company the right of occupation for five years, in view of the conclusion of a 30-year emphyteutic lease, granted by the Government of Belgian Congo, on 347 hectares of land, located in Nya-Birehe, with all the plantations, including a nursery of 200,000 coffee trees.

Board of Directors 1927

AdministratorsDirectors: François Diels, Count Maximilien de Renesse-Breidbach, Camille Pelgrims, Charles Vandewynckele, Joseph Wagemans, Charles Vuylsteke, Charles de Prêter.

Commissioner: Mr. Henri Jacqmain

Object

Plantation and cattle farming, and, in general, all commercial, industrial, financial, agricultural, maritime, mining, and other operations in Africa.

To be able to acquire, by way of concession, contribution or in any other way, all property, movable and immovable.

Power to alienate, grant or lease all or part of its property, participate by way of contribution or otherwise in other companies and merge with them (21-(1928 T3)-1141/42).

Change(s) in capital

On December 6, 1927, the EGM decided to increase the capital to 3 million francs by creating 5,000 shares with a capital of 500 francs subscribed in cash; 250 founder's shares were created and allocated to subscribers on the basis of one share for every 20 shares subscribed.

The 5,000 paid-up capital shares of 50% were subscribed by:

Count Maximilien de Renesse-Breidbach, 250 shares; François Diels, 2,550 shares; Henri Jacqmain, 100 shares; H. Janssens-Foulon, 80 shares; Camille Pelgrins et Fils, 100 shares; Charles Vandewynckele, 1,000 shares; Joseph Wagemans, 920 shares (30-(1928 P 390 à 393).

On June 2, 1931, the capital was increased to 7 million francs by the creation of 8,000 new shares of 500 francs, with pro rata dividends, subscribed at par on August 4, 1931 by the Compagnie du Kivu, with the proviso that they be offered for retrocession at the same price to holders of old capital shares and founder's shares, as of right, in proportion to their shares and in accordance with the terms of the period to be determined. On the same date, the 115 founder's shares originally allocated to Mr. Henri Capart were cancelled outright and 365 new founder's shares were issued to Compagnie du Kivu in consideration for his underwriting of the capital increase, bringing the number of shares to 1,000 (maximum authorized) (21-(1935 T3)-239 to 241).

On June 5, 1934, the capital was reduced by 5 million francs and reduced from 7 to 2 million francs, the amount of this reduction to be allocated to the total amortization of losses for the 1933 financial year and the balance to the constitution of a forecast fund for amortization on fixed assets. The 14,000 existing shares with a capital of BEF 500 were converted into 14,000 shares with no par value (21-(1935 T3)-239 to 241).

Participation(s)

1928 - The Society participated in the constitution of the Comité National du Kivu by taking a 500,000 BEF share in this body (21-(1935 T3)-239 to 241).

1929 - In its capacity as shareholder of the Comité National du Kivu, the Company participated in the constitution of the Société Immobilière du Kivu, with a capital of 100 million francs, by taking 104 shares of 500 francs each, 20% paid up; it also received 13 founder's shares free of charge (21-(1930 T3)-1066).

Event(s)

In addition to the concession granted when the Company was incorporated, the Company acquired land, plantations, and concessions in Sake, Kahundu and Rutshuru, localities located north of Lake Kivu. Constructions made of temporary materials were erected or taken over in Nya-Birehe, Rutshuru and Sake. Buildings made of durable materials were acquired in Kahundu, where she owned a model farm.

Some of the land and concessions acquired were used for coffee cultivation; others, consisting of vast pastures, were used to feed the livestock that the Society took over, which by 31 December 1927 already included many head of large and small cattle.

Offers were made to repurchase its rights and some of its possessions in the Kivu district, but, notwithstanding the very large profits they would have left, these were declined so as not to dry up the very sources of the Society's prosperity.

The Society actively pursued the twofold purpose mentioned in the name, plantations, and livestock. It sent specialized personnel to the Kivu for the development of the plantations and for the breeding of livestock. Coffee and food crops were actively cultivated, and large nurseries were established.

It provided its representatives in Africa with the necessary capital for the purchase of livestock on the spot and hoped to have a herd of several thousand head within a few years.

On the other hand, the agents also took care of the sale of European goods and the purchase of African products and worked in this branch in connection with the Compagnie du Kivu (21-(1935 T3)-239 to 241).

1930 - It operated its coffee plantations, cattle breeding, food crops and farmyard. At the end of the 1930 season, it recorded its first coffee harvest. In the same year, the backyard was severely affected by an epidemic that spread to the Kahundu region (21-(1930 T3)-1066).

1931 to 1933 - Following the economic crisis in the Belgian Congo, the Company had to restrict the scope of its "breeding" activity to better promote the expansion of its Arabica coffee plantations. In 1933, the Company had to decide to abandon the breeding activity due to the lack of interesting outlets. Its main activity became its Arabica coffee plantations (21-(1935 T3)-239 to 241).

1934 - The EGM rejected the liquidation for loss of more than half of the capital and decided to reduce the capital (see above). The Company continued to operate under a new program with the expectation of interesting results; expenses were reduced and reduced to the strict minimum to carry out the retained activities (21(1935 T3)-239 to 241).

1935 - The new program remained unchanged and the Council endeavored to continue implementation without losing sight of the imperative need to further reduce overhead costs. Serious work remained to be carried out if the Company wanted to obtain a remunerative return from the plantations; as the financial means were completely lacking, the parent Company, the Compagnie du Kivu, assisted in their execution. The Council studied a project of financial reorganization (21-(1936 T3)-18).

1936 - The extension of the coffee plantations was actively pushed; it had an area of about 265 hectares. One of the plantations was affected by flower abortion, but the treatment with pyrethrin, which was made compulsory, stopped this disease, so that serious damage was avoided. The Society's program provided for the establishment of new coffee plantations to the extent of all fertile land suitable for growing coffee. The various expenses incurred could only be met with the financial assistance of the Compagnie du Kivu, and as a result, the debt to the Company was further increased. The reorganization project studied in 1935 was continued with the Mother Company (21-(1937 T2)-1032).

1937 - The maintenance of the coffee trees continued, and the Company continued its program of expansion of its plantations, the planted area of the concessions as at 31 December 1937 was approximately 320 hectares. The production of merchant coffee amounted to about 30 tons. As for the ever-increasing debt, no decision was taken towards the Compagnie du Kivu, which continued to aid. The new difficulties and disruptions caused by the economic depression did not allow the Mother Company to finalize the reorganization project under consideration. Other problems for the Company arose; the sharp fall in the prices of Arabica and other varieties and the poor prospects at the time made it all the more urgent that a decision be taken soon on the possibility and advisability of continuing to pursue the Company's purpose. The Company hoped that, with the assistance of the Parent Company, a solution could be found as soon as possible (21-(1938 T2)-1250/51).

Dissolution and liquidation

The EGM of March 10, 1939 voted to dissolve and liquidate the Company (21-(1939 T1)-1356).

At the time of liquidation, the Compagnie du Kivu owned 8,829 shares and 387 founder's shares. (30-(1939 P 973).