(Business in Cameroon) – Harvest Asset Management, a Cameroonian asset management company, has received approval to double its capital from CFA500 million to CFA1 billion. This authorization was granted on August 14, 2024, by Jacqueline Adiaba-Nkembe, President of the Central African Financial Market Regulatory Commission (Cosumaf). In her letter, Adiaba-Nkembe stated, “After reviewing the submitted documents and per Article 26 of Regulation No. 01/22/CEMAC/UMAC/CM/COSUMAF, I grant preliminary approval for your company’s capital increase and the corresponding changes to your statutes.”
This approval follows a capital increase request made by Harvest Asset Management’s General Administrator, Marc Kamgaing, on May 22, 2024. Kamgaing’s request specified that the capital increase would be achieved through “incorporation of reserves.” After a board meeting on May 28, 2024, in Dubai, UAE, the proposed CFA500 million capital increase was presented to the general assembly of shareholders the following day. It was approved pending authorization from Cosumaf, which was granted on August 14.
With this new capital, which exceeds the minimum requirement by CFA700 million in the Cemac region (Cameroon, Gabon, Congo, Central African Republic, Chad, Equatorial Guinea), Harvest Asset Management aims to expand its operations. The company plans to enhance its offerings of diverse and innovative investment solutions and maintain its leadership in the regional financial market.
Harvest Asset Management has shown remarkable performance since its establishment in 2017. By the end of December 2023, it managed CFA301.8 billion in assets, reflecting a 37% increase, according to Cosumaf data. This figure represents a 47.46% market share. The company solidified its leading position in 2022 and continued to lead in 2023, thanks to net collections of CFA80 billion, driven by distribution partnerships mainly in Cameroon and Gabon.
According to Cosumaf, the size of assets managed by asset management companies in the Cemac region grew from CFA370 billion at the end of 2022 to CFA635 billion by the end of 2023, highlighting the sector’s dynamism in the sub-region.
