CITAS S.A.

Constitution

Contribution(s)

The Compagnie Industrielle et de Transports au Stanley-Pool contributed its facilities, 1 steamer and 2 barges for 700 shares and 214,000 francs, and the Société pour le Commerce du Haut-Congo contributed its facilities in Pool and Kinshasa and 1 steamer for 700 shares. The 1,400 shares were subscribed by various parties, including Compagnie du Congo pour le Commerce et l'Industrie, 260 shares; Société pour le Commerce du Haut-Congo, 180 shares; Compagnie Industrielle et de Transports au Stanley-Pool, 520 shares. 21-(1910 T1/ 801)

First board of directors

Object

1. Reception, handling, storage, loading and unloading of all products and goods, as well as all operations relating to this part of the corporate purpose.
2. The establishment and operation of shipyards for the construction, assembly, and repair of boats, and in general all types of work, as well as the purchase, rental, and sale of boats.
3. All businesses, all agencies, all banking, insurance, commission, maritime, land and river transport operations.
4. The establishment and operation of factories and stores for the sale, purchase or exchange of products and merchandise.

And generally, all operations or undertakings useful or necessary to its corporate purpose.

Consent to and accept all contributions, participate in the formation of all companies with a similar purpose to its own or which may be of a nature to promote its development and business, and merge with them. 12-(06/07-01-1908/ 157)

Changes in capital

Capital was increased to 1,400,000 francs on March 10, 1908, to 2 million on May 17, 1911, and to 3 million francs on October 12, 1912.

In 1909, Compagnie du Congo pour le Commerce et l'Industrie C.C.C.I. owned 260 shares; Société pour le Commerce du Haut-Congo, 880 shares; Compagnie Industrielle et de Transports au Stanley-Pool (ex Citas) 1,340 shares; Magasins Généraux du Congo, in liquidation, 100 shares and various 220.

1911 - On May 17, 1,200 shares were issued and subscribed by Compagnie du Congo, 500 shares; Messageries Fluviales du Congo, 300 shares; Banque d'Outremer, 200 shares; Mr. Hinck, 150 shares; Comptoir de la Bourse de Bruxelles, 50 shares.

1912 - On October 12, 2,000 shares were issued and subscribed by the Deutsche Bank branch, 800 shares; Banque d'Outremer, Messrs. Kreglinger, Compagnie du Congo pour le Commerce et l'Industrie, each 200 shares; Alexis Mols, Bunge et Cie, Compagnie du Congo, and Baron Léon Lambert, each 100 shares. 21-(1914 T2/ 6)

1920 - On February 11, the capital was increased from 3 million to 9,400,000 francs by the creation of 12,800 new shares, issued at 530 frs and subscribed by Compagnie du Congo pour le Commerce et l'Industrie, 2,800; Banque d'Outremer, Banque de Bruxelles, Société Générale de Belgique and Huileries du Congo belge, each 2,000; Messrs. F.-M. Philippson et Co, Baron H. Lambert, each 1,000. These 12,800 shares were offered for subscription to existing shareholders, from April 6 to April 20, 1920, on an irreducible basis at the rate of two 11 new shares for one old share, and on a reducible basis for the portion not absorbed by the exercise of the preferential subscription right. 21-(1922 T1/ 1498) 

View of part of the shipyard in Kinshasa - Assembly of the new 500-ton sternwheel (background) and one of the six new 300-ton barges (foreground). Image (17-page 249) ⇒  

1926 - On October 2, the share capital was increased to 15,667,000 francs by the creation of 12,534 new shares of 500 francs each, issued at par with dividend rights from January 1, 1927, underwritten by Banque d'Outremer and offered for subscription to existing shareholders at 585 francs per share, from October 25 to November 1, 1926. 21-(1930 T1/ 587)

1945 - Pursuant to the law of October 17, 1945, establishing a capital tax, 1,566 registered capital shares were created for the benefit of the French State, without any change in the statutory capital of 15,667,000 francs. 21-(1946/47 T6/ 2573)

1949 - On November 25, the Extraordinary General Meeting unanimously approved the proposal to dissolve the company early, with the aim of transferring all its assets and liabilities to a Congolese limited liability company (Société congolaise par actions à responsabilité limitée) with an identical corporate purpose. This new company was incorporated on the same day, under the name of Citas, with a capital of 15,667,000 Congolese francs, in exchange for 32,900 fully paid-up shares of the new company, to be exchanged, share for share, for the shares of the dissolved company.

⇐ Citas facilities in Leopoldville 1946/1950. Image (22-page 66)

The Meeting then set the number of liquidators at two, and appointed Raoul Depas and Robert Cambier as liquidators.

The dissolution of the Company and the above-mentioned contribution were subject to the suspensive condition of authorization by royal decree for the founding of Société Congolaise. The incorporation of Société Congolaise was authorized by Royal Decree dated December 1, 1949. Consequently, the condition precedent of the execution of the decisions taken by the shareholders' meeting of November 25, 1949, was fulfilled, and Société Anonyme Citas was dissolved and entered into liquidation on December 31, 1949. 21-(1949 T7/ 3199)

The new Société congolaise par actions à responsabilité limitée, incorporated on November 25, 1949, had the following objects:

And generally, all operations or undertakings useful or necessary to its corporate purpose. It could make and accept all contributions; participate in the formation of any companies with a similar purpose to its own, or which would be likely to promote its development and business, and merge with them.

CAPITAL. - 15,667,000 Congolese francs, capital represented by 32,900 shares with no par value. 21-(1949 T8/ 3420)

1950 - On July 4, the Annual General Meeting decided to: 1° increase capital by up to 1,303,000 Congolese francs, from 15,667,000 Congolese francs to 16,970,000 Congolese francs, without the creation of new shares, by capitalizing 1,303,000 Congolese francs from the statutory reserve fund; 2° further increase capital by up to 23,030,000 Congolese francs, from 15,667,000 Congolese francs to 16,970,000 Congolese francs, without the creation of new shares, by capitalizing 1,303. 000 Congolese francs deducted from the statutory reserve fund; 2° to further increase capital by up to 23,030,000 Congolese francs, bringing it from 16,970,000 Congolese francs to 40 million Congolese francs, by creating and issuing 32,900 new shares at a price of 700 francs each, without designation of value. These 32,900 new shares were subscribed by Compagnie du Congo pour le Commerce et l'Industrie, which was required to offer them for subscription to existing shareholders, at a price of 700 francs per share, plus 55 francs for expenses, on an irreducible basis in the proportion of 1 new share for 1 existing share, and on a reducible basis for shares not absorbed by the preferential subscription right. 21-(1950 T3/ 2271)

From November 16, 1950 to February 17, 1951, in application of the provisions of the Regent's decree of January 17, 1949, the 31,334 capital shares of 500 francs existing on October 6, 1944, coupons number 42 and following attached, of the Société anonyme Citas, Brussels, were exchanged for shares without value designation, coupons number 1 and following attached, of the S.C.R.L. Citas, head office in Léopoldville, administrative office in Brussels. 21-(1950 T3/ 2879)

CAPITAL. - 40 million Congolese francs, capital represented by 65,800 shares with no par value. 21-(1950 T3/ 2271)

Activities, events

Here you'll find PDF files of events from 1910 to 1955. Each file is no more than 2 pages long (in french).