The deal, announced on February 10, marks a major turning point for the textile company listed on the Regional Stock Exchange (BRVM), where Uniwax shares have already been enjoying strong upward momentum. Through this acquisition, Daouda Soukpafolo advances his ambition to establish a fully integrated industrial ecosystem spanning cotton production to finished textiles. The strategy aims to boost local value creation, secure supply chains, and strengthen the competitiveness of Ivorian and regional textiles.
For COIC, the takeover represents more than diversification. It adds a key industrial asset to a fast-expanding conglomerate with interests across agro-industry, banking, construction, and energy. The move follows Soukpafolo’s recent acquisition of Versus Bank, focused on SME financing, as well as an agreement with the state to develop a solar power plant in Mbengué.
Operational continuity secured
Uniwax’s current management team and Dutch textile group Vlisco, the historical shareholder, will continue supporting the transition to ensure operational stability. The transaction remains subject to regulatory approvals. Founded in the late 1960s and based in Yopougon, Abidjan’s industrial zone, Uniwax is among the very few remaining industrial wax producers in West Africa.
Strong financial recovery in 2025. The acquisition comes as Uniwax completes a remarkable turnaround following several challenging years exacerbated by the Covid-19 crisis. After operational restructuring and commercial repositioning, the company returned to growth in 2025. Key highlights include: 13% year-on-year revenue growth in Q3 2025, net profit of XAF 8.1 billion by end-September, expanded distribution in Nigeria and Guinea, improved cost management and strong rebound in its domestic market, Ivory Coast.
Investor confidence has followed suit. Between January and November 2025, Uniwax shares surged by 267% on the BRVM, lifting the company’s market capitalization to nearly XAF 40 billion one of the exchange’s top industrial performances.
Downstream integration of the cotton value chain
For COIC, traditionally focused on cotton ginning and primary processing, Uniwax provides a critical downstream extension. Although Ivory Coast ranks among Africa’s leading cotton producers, only a limited share is processed locally. This acquisition aligns with national industrialization goals, targeting: reduced textile imports, higher domestic value addition, secured industrial outlets for cotton, long-term margin optimization through vertical integration Industry sources indicate that new production investments are already under consideration.
Despite the positive outlook, Uniwax continues to operate in a demanding environment marked by low-cost Asian imports, persistent counterfeiting, and volatile energy costs. Analysts nevertheless believe that the arrival of a strong local industrial shareholder could accelerate modernization and strengthen the company’s resilience.
