SOCIETE MINIERE DU KINDU - SOMIKIN S.C.A.R.L.
The Société Minière du Kindu (Somikin) was founded on September 17, 1931, its capital of 2,500,000 francs was represented by 5,000 shares of 500 francs each. The registered office was established in Kindu, the administrative office in Brussels.
Of the 5,000 shares, 4,000 were subscribed by:
The remaining 1,000 fully paid-up shares were allocated to Compagnie Générale des Mines and Mr. de Mathelin de Papigny for the contribution of their studies, research and acquisition of mining rights, exclusive research permits taken in the Elila et Ulindil.
First Board of Directors
For the first time, the number of directors was set at seven:
Changes in capital, event(s), shareholding(s)
The purpose of the company was to search for mines in the region open to public prospecting by the Compagnie des Chemins de Fer du Congo Supérieur aux Grands Lacs Africains, which had previously been undertaken by the Elila and Ulindi syndicates.
1931 - The Company increased its capital to 4,000,000 francs through the creation of 3,000 shares of 500 francs. Société Industrielle et Minière du Congo Oriental took a share in this increase.
Extraction of cassiterite - Manual site (around 1930) (11 P 120)
1953 - On 13 August, the EGM decided to cancel the nominal value of the shares and to increase the capital by 45 million francs to 75 million francs by creating 30,0000 new shares without designation of value which were subscribed by the former shareholders at a price of 1,500 francs per share, plus 85 francs for costs. As an irreducible entitlement in the proportion of 1 new share for 2 old shares and as a reducible entitlement for shares not absorbed by the exercise of preferential rights. This increase enabled Somikin to follow the capital increase of the Company Les Mines d'Or et d'Etain de Kindu "Kinorétain" and to subscribe to it for all its rights.
Cassiterite mine - View of the Géomines slag heaps in Manono (11 P 117)⇒
Following Congo's independence, the company opted for Belgian legal status under the law of 17 June 1960 and became a public limited company (Societe anonyme); its registered office was established in Brussels.
1961 - On 5 April, the EGM decided to reimburse 85 francs net per share and the capital was reduced by 15,300,000 francs to 149,700,000 francs, which was then reduced to 99,700,000 francs to bring it down to 50 million francs, the latter justified by the loss incurred on certain portfolio values. On 12 December of the same year, the AGM decided to reduce the capital by 16,200,000 francs to 33,800,000 francs by reimbursing 90 francs for each of the 180,000 shares. This repayment was made from the proceeds of the realization of various elements of the company's assets.
1964 - On August 12, the EGM decided to reduce the capital by 14,400,000 francs to 19,400,000 francs by repayment of 80 francs per share.
1965 - On July 8, a new and final reduction of BEF 14,400,000 was decided, bringing the capital to 5 million francs by repayment of BEF 80 for each of the 180,000 shares (21-(1970 T4)-2601 to 2603).
After 1965, Somikin made four repayments for a total amount of 275 francs.
Somikin did not distribute any dividends for the financial years 1961 to 1970, but only from 1971 onwards did it resume dividend distribution until Entrema was absorbed by Somikin in 1986.
On 5 November 1986, Somikin shares were exchanged based on 2 Entrema shares with an 8 att. coupon for 7 Somikin shares with a 44 att. coupon (2-(1988)-130).