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Ivorian industrialist Koné Daouda Soukpafolo has agreed to acquire a majority stake in Uniwax, one of West Africa’s best known wax fabric manufacturers, in a move that returns the company to domestic ownership.
Soukpafolo, widely known in business circles as the king of cotton, is executing the acquisition through Compagnie ivoirienne de coton, or COIC, which he chairs. Financial details were not disclosed. The transaction remains subject to regulatory approval, according to people familiar with the matter.
Uniwax, listed on the regional BRVM stock exchange, has long been controlled by Dutch textile group Vlisco through its Ivorian holding company Frageci. Sources said Uniwax’s current management and Vlisco will continue to support the company during the transition to ensure operational stability.
Founded in the late 1960s and headquartered in the Yopougon industrial zone of Abidjan, Uniwax is among the last remaining industrial wax producers in West Africa. The company manufactures printed fabrics sold across Ivory Coast and neighboring markets, supplying designs that have become a staple in regional fashion and ceremonies.
The ownership change comes at a pivotal moment for the firm. After several difficult years marked by operational headwinds and weak demand, Uniwax posted a notable turnaround in 2025.
First half revenue reached CFA15.7 billion, or about 28.5 million dollars, representing a 12 percent increase from the same period a year earlier. Growth continued into the third quarter, with revenue rising another 13 percent, according to market data. Net income returned to positive territory after years of losses. By the end of September 2025, cumulative net profit stood at roughly CFA8.1 billion.
The rebound was driven by tighter cost controls, stronger domestic demand and wider distribution networks in Nigeria and Guinea. Investors responded swiftly. Between January and November 2025, Uniwax shares surged 267 percent on the BRVM, making it one of the exchange’s strongest performing industrial stocks. Market capitalization climbed to nearly CFA40 billion by year end, reflecting renewed confidence in the company’s outlook.
Soukpafolo’s move signals more than a financial investment. COIC has traditionally focused on cotton ginning and primary processing. Acquiring Uniwax extends its footprint deeper into textile manufacturing, aligning with a broader push by Ivorian authorities to strengthen local value addition in the cotton sector.
Ivory Coast ranks among Africa’s top seed cotton producers, yet much of its output is exported without significant transformation. Policymakers have for years encouraged domestic processing to reduce reliance on imported fabrics and boost industrial employment.
Analysts say integrating cotton supply with textile production could create efficiencies for both COIC and Uniwax. Reliable access to raw materials may stabilize input costs, while a stronger local supply chain could improve competitiveness.
Challenges persist. Uniwax operates in a market flooded with lower priced imports from Asia, faces counterfeiting concerns and must contend with fluctuating energy costs that affect manufacturing margins.
