Summary

Origins

Founded in Brussels on January 29, 1932, this company took the form of a société congolaise par actions à responsabilité limitée and called "Symétain". It chose Belgian legal status in application of the law of June 17, 1960; as a result, it became subject to Belgian legislation as a société anonyme, and its head office was established in Brussels. It adopted the name Compagnie Internationale de l'Etain (Cométain) on December 28, 1961. The current name was adopted on September 19, 1973. 21-(1973 T3 1979/80)

Capital

Capital at inception was twelve million francs represented by 24,000 shares of five hundred francs each. 21-(1973 T3 1979/80)

Contribution

The Syndicate Minier Africain (Symaf) contributed to the Company its rights relating to the search for, study and exploitation of mineral deposits in polygons that were included or to be included in the territory of the Compagnie des Chemins de fer du Congo Supérieur aux Grands Lacs Africains. In recognition of these contributions, Société Symaf received 14,150 fully paid-up shares. Symaf subscribed for 9,768 of the remaining 9,850 shares, while various other comparands subscribed for the remaining eighty-two shares. 21-(1973 T3 1979/80)

Object

1) Exploitation of mining deposits relating to the various permits contributed by Société Symaf as detailed in the Memorandum of Association, and research, study and exploitation of mining deposits relating to permits subsequently issued to it by Compagnie des Chemins de fer du Congo Supérieur aux Grands Lacs africains, or to special agreements relating to deposits located in the domain of the aforementioned Company that it may enter into with the latter or with third parties, individuals or companies;

2) Mechanical and metallurgical processing of mineral substances to be extracted from said deposits.

3) The sale of these substances, both in their raw state and after processing.

4) All operations ancillary to 1°, 2° and 3° above. 21-(1948 T8 3334)

Capital history

1938

On August 24, the existing 24,000 shares of five hundred francs were converted into 24,000 shares of no-par value. 21-(1973 T3 1979/80)

1939

On July 28, the company's capital was increased from 12 to 40 million francs through the issue of 11,200 new shares at a unit price of 2,500 francs. These new shares enjoyed the same rights and privileges as the old shares. Société Symaf received 341 new fully paid shares in return for new contributions similar to the previous ones. The remaining 10,859 new shares were acquired at the same price by Compagnie des Chemins de fer du Congo Supérieur aux Grands Lacs Africains and Symaf, for a total of 2,093 shares and 8,766 shares, respectively.  21-(1973 T3 1979/80)

1947

On June 25, the capital was increased from 40 to 85 million francs as follows:

a) Up to 40,500,000 francs by transferring the special reserve to the capital account, without creating new shares.

b) Up to FRF 4,500,000, by issuing 1,250 new shares at a price of francs 3,600 each, fully subscribed and paid up in cash by Compagnie des Chemins de fer du Congo Supérieur aux Grands Lacs Africains. 21-(1973 T3 1979/80)

1948

On June 30, the capital of eighty-five million francs was represented by 182,250 shares, each shareholder having obtained, through an exchange, five new shares for one old one.

From December 6 to 22, Société Symaf offered 33,333 new Symétain shares for public subscription, with priority given to holders of Société Symaf Series A and B 1,000-francs shares, at a ratio of one new Symétain share for three Société Symaf Series A or B 1,000-franc shares. Requests for reductions were also accepted. The purchase price was set at 1,000 francs per new Symétain share. 21-(1973 T3 1979/80)

1961

On December 28, the Annual General Meeting approved a capital increase of twenty-two million francs, raising the company's capital from 85 to 107 million francs by incorporating reserves. To illustrate the capital increase, 31,750 new shares were issued, with entitlement to dividends from January 1, 1962. These new shares were given to Compagnie des Chemins de fer du Congo Supérieur aux Grands Lacs Africains in exchange for the latter's renunciation of its rights in the Company, following the transfer by the latter of its mining concessions in the Congo to the new Société congolaise par actions à responsabilité limitée Symétain. At the same meeting, the Belgian Company's name was changed to Compagnie Internationale de l'Étain (Cométain). 21-(1973 T3 1979/80)

1965

Since December 15, shares have been stamped to reflect changes to the articles of association (Meeting of September 30, 1965). 21-(1973 T3 1979/80)

1973

On September 19, in compliance with the findings and approvals of the shareholders' meeting, the capital was increased by 97,719,500 francs, bringing it from 107 million francs to 204,719,500 francs, through the creation of 195,439 Cométain shares, conferring the same rights as the old shares and participating in profits as from the 1973 financial year, it being understood that these new shares did not participate in the distribution of Cométra Oil Cy shares.

The capital was then reduced by 79,925,197 francs, from 204,719,500 francs to 124,794,303 francs, by distributing Cométra Oil Cy shares to Cométain members, other than those created, on the basis of 8 Cométra Oil Cy shares for 9 Cométain members' shares.

Finally, the capital was increased by 205,697 francs, bringing it from 124,794,303 francs to 125 million francs, by deduction from the unavailable reserve, which was thus reduced to 15,185,960 francs. 21-(1973 T3 1979/80)

Finally, the capital was increased by 205,697 francs, bringing it from 124,794,303 francs to 125 million francs, by deduction from the unavailable reserve, which was thus reduced to 15,185,960 francs. 21-(1973 T3 1979/80)

The capital of 125 million was then represented by 409,439 shares, as shown in the title.

Absorption

On May 12, 1976, Compagnie Internationale des Métaux "COMETAUX" was absorbed by Cie Bruxelles Lambert pour la Finance et l'Industrie (now: Groupe Bruxelles Lambert); the exchange was conducted on the basis of 3 Cométaux shares, coupon three attached, for one Cie Bruxelles Lambert share. 2-(1981 p 93)