Sonara: TotalEnergies' Stake Plunges from 4% to 0.42%
Following a balance sheet cleanup operation for the National Refining Company (Sonara) finalized on October 14, 2026, the Cameroonian state has increased its direct control over the company's capital to 98.09%. Executed through the conversion of 165.36 billion CFA francs in public receivables, this massive recapitalization triggers a dilution of minority shareholders: the national institutional bloc (SNH, CSPH, SNI) finds itself marginalized at less than 2% of shares.
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The legal notice formalized in mid-October sheds light on the financial outcome of the resolutions adopted at the extraordinary general meeting held on June 17, 2026. By executing a "reverse stock split" (coup d'accordéon) characterized by a prior capital reduction of 381.12 million CFA francs followed by a capital increase of 165.36 billion CFA francs fully subscribed by the Ministry of Finance, Sonara's share capital rises from 19.56 billion to 184.92 billion CFA francs.
The injection of sovereign funds was carried out without any actual cash outflow, the Republic of Cameroon having offset liquid and due receivables against the issuance of 2,875,540 new shares of 57,500 CFA francs each. This massive share issuance marginalized historical private and public partners, whose overall stakes collapsed from 18.05% to 1.91% of the capital structure without any active disposal of their holdings. Besides the French group TotalEnergies, whose share falls to 0.42%, the state's financial and oil arms suffer an equivalent contraction. The National Hydrocarbons Corporation (SNH) sees its foothold retreat from 6.06% to 0.64%, the Hydrocarbon Price Stabilization Fund (CSPH) drops from 4.22% to 0.45%, and the National Investment Company (SNI) is reduced from 3.77% to 0.40%.
This accounting engineering primarily aims to clear the cross-debt between Sonara and the Public Treasury, cleaning up the financial structure of a company paralyzed by the fire at its production units in May 2019. Converted since then into a mere importer and distributor of finished petroleum products, Sonara now displays a stronger balance sheet profile following the strengthening of its equity, essential for approaching the industrial complex reconstruction project. The state is thus seeking to reassure the market as the total cost of modernization and expansion of the site — intended to raise annual processing capacity from 2.1 million to 3.5 million tonnes of crude — is estimated at nearly 700 billion CFA francs.
Ndjomo Carlos
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