SAF Cocoa, chopped

Following the resounding bankruptcy of Amer & Frères (Saf-Cacao), the Ivorian group found a buyer with the Société agricole du café cacao (SACC). SACC is chaired by Nicolas Djibo, the mayor of Bouaké. The liquidation process, which began in July 2018, resulted in an agreement at the end of January to sell the company’s assets. The Cocoa Coffee Council, which is one of the main creditors of the liquidated company, takes over the Choco Ivoire processing unit, while SACC recovers 100,000 square metres of warehouses in San Pedro and the assets of the Compagnie ivoirienne pour la promotion de l’exportation et de l’importation (Cipexi). Founded in 2004, Saf-Cacao had become one of the leaders in the Ivorian cocoa sector, with a turnover of 380 million euros in 2016 and following the multinationals present on the local market. But the company then suffered from the prolonged drop in cocoa prices, in addition to which was the loss of a major American customer and the non-compliance with several contracts. Forced to pay Saf-Cacao’s growing debts to producers and the Ivorian State, CCC finally decided to file a complaint leading to the liquidation of the group and the resumption of its activities.