Cameroon's SIC plans $250M capital increase backed by state land assets
The Société immobilière du Cameroun (SIC), Cameroon's real estate company, is preparing a significant capital increase of 151.8 billion FCFA (approximately $250 million USD). This proposed increase is based on the contribution of 11 state-owned land parcels, collectively covering nearly 407 hectares. If approved by shareholders, this operation will raise the company's share capital from its current 75 billion FCFA to approximately 226.8 billion FCFA.
The shareholders are scheduled to convene for a mixed general meeting in Yaoundé on July 30th. During this meeting, they will vote on the capital increase project, which involves the valuation and integration of these lands into the SIC's assets. The 11 plots are located across multiple regions, including the Centre, Littoral, Adamaoua, North, Far North, and West. Financial statements as of December 31, 2025, confirm that these lands have already been transferred to SIC as capital contributions from the state, but their valuation and accounting entry were pending.
In addition to the capital increase, the agenda includes the review of the 2025 financial statements, reports from the board of directors and the auditor, and decisions on profit allocation, discharge for management, and director remuneration for the 2026 fiscal year. The extraordinary session will also address the appointment of a contribution auditor and grant the board of directors the authority to implement the capital increase operation.
This proposed capital increase by SIC, backed by state land assets, represents a strategic move to bolster its financial standing and potentially expand its development capacity. The valuation of these lands, previously unrecorded, is a critical step in formalizing their contribution and unlocking their economic potential. This initiative, if successful, could signal a broader trend of state-owned enterprises leveraging dormant assets to fund growth and modernization. Future scrutiny should focus on the transparency of the land valuation process, the efficiency of SIC's subsequent project execution, and the long-term impact on housing affordability and urban development in Cameroon, particularly in the context of evolving technological capabilities in construction and land management.
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