The Maliweb website reported on February 24, 2023 that in response to the long-term financial pressure faced by the Malian Textile Company (Comatex) due to aging equipment, uncontrollable operating costs, and competition from imported fabrics , Mali’s transitional government held a ministerial meeting on the 22nd and passed proposals related to the “New Mali Textile Company (N-Comatex)”.
Mali Textile Company was established in 1968 with a registered capital of 1.5 billion West African CFA francs. In 1993, the Malian government sold 80% of the shares to China Overseas Corporation, with the Malian government retaining 20% of the shares. In 2018, the company requested bankruptcy liquidation due to excessive debt and deteriorating financial conditions. In order to retain employees’ jobs and take into account the company’s strategic position in the country’s economic development, the Malian government chose to carry out judicial restructuring and formulate a plan to resume work and production. The announcement of the Ministerial Conference pointed out that the “New Mali Textile Company” is a joint-stock company, and the Malian government is the sole shareholder to approve the company’s articles of association.
