Written question asked by Preet Kaur Gill (Labour) on Monday, 2 November 2020, in the House of Commons. It was due for an answer on Thursday, 5 November 2020 (named day). It was answered by James Duddridge (Conservative) on Thursday, 5 November 2020 on behalf of the Foreign, Commonwealth and Development Office.
CDC: Feronia
- Question
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To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether any of CDC Group's USD 80.66 million investment in Feronia was written off by the CDC after the transfer of shares in that company to private equity firm KKM.
- Answer
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CDC has invested a total of $76.6 million in Feronia since 2013. This has been a pioneering investment for CDC in a remote area of DRC that has led to economic opportunities for local people including improvements to healthcare, education, clean water and infrastructure provision.
Feronia announced in June that it was in restructuring talks with lenders and current shareholders including KKM, to look at possible asset sales, reduce debts and bring in new equity. The restructuring of Feronia involving the transfer of its shares in Plantations et Huileries du Congo (PHC) to KKM has not yet happened.
The sale of Feronia is a live commercial transaction and as there are issues of commercial confidentiality it would be inappropriate at this stage to go into detail about the transaction.
Secondary information
- Type
- Written question
- Reference
- 110213
- Session
- 2019-21
- Subjects
- Investment CDC Feronia KKM Financial
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2020-11-12 13:19:11 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2019-21/110213
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