Deal #1113 Version #51238

Sucobe is the former Société Sucrière de Savè (SSS) set up in the mid eighties and jointly owned by the states of Nigeria and Benin. In the closing years of last century, the sugar factory on the edge of bankruptcy had been taken over by the Mauritian firm Groupe Mon Loisir. The takeover was agreed upon under the terms of a tenant management agreement which excludes the ownership of the land being part to the factory. However at the dawn of this century it was the turn of Complant International (CI), the Chinese state owned firm, to take the sugar factory over under the same tenant management contract and to change its name from Société Sucrière de Savè to Sucobe. Under the agreement the estate of 4800 hectares may be used to cultivate sugarcane for the production and export of sugar.