TEXAF

TEXAF (officially Société Financière et de Gestion TEXAF) is a Belgian investment company listed on Euronext, with diversified operations in the Democratic Republic of the Congo spanning real estate, industry, and digital sectors. With its corporate headquarters situated at Avenue Louise 130A in Brussels, TEXAF traces its origins to 14 August 1925, when it was founded in the then-Belgian Congo as Société Textile Africaine by a consortium of Belgian industrialists. The company grew rapidly, branching into sectors such as cotton cultivation, energy production, and transportation logistics, and by 1928, it held the ninth-largest market capitalization among Belgian-Congolese companies before later co-founding the Société Hydro-électrique de Sanga. By 1930, TEXAF dominated regional cotton production and vast agricultural projects including experimental concessions and even elephant domestication. Despite industrial dominance by 1930, the global economic crisis and overexpansion led to major losses. TEXAF restructured in the 1930s, spinning off subsidiaries such as Usines Textiles de Léopoldville (UTEXLÉO, textiles), Société Immobilière, Agricole et Forestière du Congo (IMAFOR, real estate and agriculture), and transferring its maritime and hydrological operations to governmental authorities.…

TEXAF (officially Société Financière et de Gestion TEXAF) is a Belgian investment company listed on Euronext, with diversified operations in the Democratic Republic of the Congo spanning real estate, industry, and digital sectors. With its corporate headquarters situated at Avenue Louise 130A in Brussels, TEXAF traces its origins to 14 August 1925, when it was founded in the then-Belgian Congo as Société Textile Africaine by a consortium of Belgian industrialists. The company grew rapidly, branching into sectors such as cotton cultivation, energy production, and transportation logistics, and by 1928, it held the ninth-largest market capitalization among Belgian-Congolese companies before later co-founding the Société Hydro-électrique de Sanga. By 1930, TEXAF dominated regional cotton production and vast agricultural projects including experimental concessions and even elephant domestication. Despite industrial dominance by 1930, the global economic crisis and overexpansion led to major losses. TEXAF restructured in the 1930s, spinning off subsidiaries such as Usines Textiles de Léopoldville (UTEXLÉO, textiles), Société Immobilière, Agricole et Forestière du Congo (IMAFOR, real estate and agriculture), and transferring its maritime and hydrological operations to governmental authorities. The company was transformed into a holding under Crédit Anversois, which collapsed in 1939, resulting in its TEXAF shares being passed to SOPABEL. The advent of World War II interrupted Crédit Anversois ' liquidation proceedings, leaving UTEXLÉO encumbered by significant debt obligations, although it maintained industrial productivity. From 1951–1960, TEXAF disbursed dividends amounting to 360.2 million Belgian francs and expanded manufacturing capabilities through modernization. UTEXLÉO diversified its portfolio with factories for blankets (Socotex), sacks (TISSACO), hosiery (Bonneterie Africaine), and laundry services (Blanchisserie de la Gombe), while expanding into construction materials with firms like Bricongo and Carricongo. By 1960, UTEXLÉO was ranked as the 31st largest corporate entity in the Congo, with assets worth 220 million Belgian francs. In 1974, UTEXLÉO was nationalized and renamed UTEXCO under Zaire's Authenticité campaign. TEXAF regained full control of UTEXCO by 1976 despite failed ownership transfer negotiations. It re-entered cotton production in 1978 with a 25% stake in Cotonnière du Kasai-Maniema, amid the collapse of state-run supply chains. In the 1980s, TEXAF raised its stake in Cotonnière du Kasai-Maniema to 51% and acquired SOLBENA and ESTAGRICO, though parts of SOLBENA were later liquidated. In 1987, COBEPA became TEXAF's majority shareholder with an 82% stake. In 1988, TEXAF consolidated its textile operations under the UTEXAFRICA umbrella, merging UTEXCO, Zaïreprint (a printing unit), and Otricot-Super Star (hosiery and clothing). The following year, TEXAF acquired ESTAGRICO, an agricultural enterprise with plantations in Uvira, from Unibra. By 1993, 50% of ESTAGRICO was divested to the French cotton conglomerate Compagnie Française pour le Développement des Fibres Textiles (CFDT), now known as Développement des agro-industries du Sud (Dagris). During this period, TEXAF's subsidiary MECELCO, which maintained rolling stock for Gécamines, ceased to receive contractual payments. In 2000, TEXAF's majority shareholder COBEPA faced a takeover by BNP Paribas. By 2001, UTEXAFRICA declared bankruptcy amid mounting debt, including EUR 31 million owed to the IFC. A December settlement, backed by COBEPA, enabled operations to continue. In June 2002, a management-led buyout spearheaded by Philippe Croonenberghs transferred controlling interest in TEXAF to Société Financière Africaine (SOFINA), which acquired an 82.1% stake. An additional 7% equity tranche was allocated to UTEXAFRICA's executive cadres Albert Yuma Mulimbi and Jean-Philippe Waterschoot. In April 2004, TEXAF signed a framework agreement with China's CHA Textiles Group to establish a joint venture named Congotex, aimed at consolidating UTEXAFRICA's textile business and wax-fabric operations, with TEXAF retaining a 43% shareholding in the venture. The two entities founded a real estate firm, IMMOTEX, jointly owned by UTEXAFRICA and CHA. In 2007, TEXAF acquired ANAGEST, proprietor of three residential complexes, from the ATENOR Group. That year also marked the cessation of textile manufacturing in the DRC as Congotex entered liquidation. With the dissolution of the national textile industry, UTEXAFRICA emerged as the majority stakeholder in IMMOTEX and redirected its core focus toward real estate. In 2009, TEXAF acquired the remaining 50% of CARRIGRES—its construction materials subsidiary—for EUR 5.75 million. In 2014, the CHA Textiles Group acquired a 10% interest in TEXAF. That same year, the conglomerate divested its interest in IMBAKIN. ==History== ==Operations== Congotex' website states that the company is the largest textile and apparel manufacturer in the DRC. Congotex produces: Fabrics Paramedical supplies including gauze, sterile cotton and dressings Manufactured clothing and goods including uniforms, dresses, suits, towels, et cetera ==References==

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