Société Commerciale et Immobilière du BANGU S.C.A.R.L.

Constitution

The Company was incorporated on August 23, 1928; its registered office was established in Leopoldville and the administrative office in Brussels.

The capital at the time of incorporation was 5 million francs represented by 10,000 shares with a capital of 500 francs; in addition, 5,000 founder's shares without nominal value (which may be divided into denominations of one tenth) were created.

Of the 10,000 shares issued, 4,000 shares were allocated to Mr. Ferdinand De Buyzer in consideration for the contributions mentioned below; the remaining 6,000 shares were subscribed for in cash by :

Jules Dandoy, for himself and third parties, 2,500 shares; Edmond Halleux, for himself and third parties, 2,400 shares; Jean Roger, 500 shares; Gustave Egger, 200 shares; Arthur Mélotte, 200 shares; Ernest Warnier, 200 shares.

The shares subscribed were paid up by 20% and a sum of 600,000 francs was made available to the Company.

For the founder's shares, 2,000 shares were allotted to Mr. Ferdinand De Buyzer in remuneration of contributions, the other 3,000 were distributed to the subscribers on the basis of one share for every two shares subscribed.

Contribution(s)

Mr. Ferdinand De Buyzer, mentioned above, contributed :

His particular knowledge concerning the branches of the social activity, his relations, steps, studies and works both for the constitution of the present company and for its later operation.
Several plots of land and commercial establishments in various localities in Congo;
All commercial and residential furniture that was in the various buildings or various facilities;
Goods to the value of 250,000 francs.

In consideration for his contributions, Mr. Ferdinand De Buyzer received 4,000 fully paid-up shares and 2,000 founder's shares.

First Board of Directors

The Meeting decided to appoint five directors and two auditors:

Directors: Jules Dandoy, Ferdinand De Buyzer, Edmond Halleux, Jean Roger and Fernand Rutten;

Auditors: Arthur Melotte and Ernest Warnier.

Object

To establish in Africa, and especially in the Belgian Congo, sales and purchase counters for all colonial goods and products; to establish palm groves and plantations, all commercial, agricultural and industrial operations;

To engage in the exploitation of all deposits and the development of concessions and properties that the company owns or could acquire thereafter;

Power, either by itself or through the intermediary of third parties, to carry out all real estate, mortgage or banking operations;

Create headquarters, factories and plants, own, acquire, transfer, lease, build to lease or sell all buildings necessary or useful for its operation;

Power, by decision of the Board of Directors, to create subsidiaries, to take an interest, by way of sale, contribution, subscription, financial participation or any other means, in any company or business whose purpose is directly or indirectly related to its corporate purpose or which are likely to promote or develop its corporate activity; to absorb another company having, in whole or in part, a similar purpose or to merge with it; to create subsidiaries or otherwise to become even exclusively a holding company (12-(12-09-1928)-12416).

Event(s)

1930 - During this fiscal year, the Company continued to develop its commercial and real estate businesses.

It acquired at avenue Belgika, in Leopoldville, a plot of land of approximately 1,000 square meters on which it erected a building rented out under good conditions. About two thirds of this land remained available. It built a commercial counter on the Avenue Général Gillain street front; it will operate it in 1931. The construction of the large Kalina building, temporarily halted at the beginning of the year, was resumed at the end of the year and was completed in 1931.

A new trading post at Ikengo, on the river downstream from Coquilhatville, was added to the Ecuador section. Opposite Gombe, in Liranga, on the french shore, it took over a concession of about 100 hectares, covered with forests and of great fertility, located at the confluence of the Ubangi and Congo rivers. It had the advantage of not being flooded, even at high waters. The Company began deforestation in the last months of the year and planted food crops, which were intensified in 1931, with the crops likely to be sold locally. The Company acquired a property in Bulungu, Kwilu (Kwango District), and in 1931 it planned to establish a new section of the property by creating a few commercial positions.

Despite the crisis in all areas, the Company was able to maintain its normal activity during 1930 and it was concluded that it was well placed to benefit from the improved economic conditions when they occurred in the colony. (21-(1932 T3) -810).

1931 - The world economic depression only deepened and the credit crunch in the second half of 1931 severely affected all companies and operations operating in the Belgian Congo. After depreciation of 123,565.36 francs on goods, the financial year closed with a loss of 451,437.15 francs. This loss was mainly due to the liquidation of part of the stock without profit and the sale of other newly acquired goods during the year with a profit margin insufficient to cover overheads, so that most sales counters remained in operation.

At the beginning of the year, the Company was able to increase the mortgage loan by approximately 700,000 Francs to complete the Kalina building and to acquire full ownership of a large commercial building on avenue du Marché in Leopoldville, thereby removing the mortgage registration from the Company's contributions when it was incorporated. It endeavored to maintain the activity best suited to the possibilities in times of depression (21-(1932 T3)-810).

No further information thereafter.