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Studies conducted for institutions


Privatising food-processing firms in the developing countries tends to be a complex operation because it involves important businesses in terms of added value, employment and invested capital. Consequently, the States and the donors are particularly attentive that the privatisation strategy matches the objectives of maximising the revenue, ensures that the concerned sub-sector evolves as expected, and guarantees the quality of the potential rescuers.

The studies for privatisation include in their scope two complementary aspects: the proposal for the appropriate privatisation strategies and assistance to the Government for the implementation of the chosen strategy.

Studies for privatisation strategy include the following aspects :

  • Technical, economical, financial, commercial and organisational diagnosis of the company ; technical aspects are generally sub-contracted to specialists reputable in the concerned field ;
  • Operating forecasts ;
  • Company valuation according to several methods : patrimonial method, flows driven methods… ;
  • Review of the legal framework surrounding the operation ; when privatisation is particularly complex, HORUS Entreprises involves legal experts internationally recognised ;
  • Proposition for a regulatory framework, more particularly when privatisation takes place along liberalisation of imports ;
  • Proposition for several scenarios of privatisation, evaluation of each one and recommendations of the scenario thought the most appropriate : sale in one or several lots, share issue or sale of assets, partial or total sale of assets.

Assisting the government in implementing the strategy it has chosen includes the following aspects :

  • Prepare the call to tender : rules of the call to tender, memorandum of information… ;
  • Research for « quality » rescuers ;
  • Assist the Government in negotiating with the potential rescuers ;
  • Prepare the documents for transfer.

Horus-Entreprises has carried out studies for the following privatisations :

  • SODESUCRE (sugar production) in Ivory Coast ;
  • SIRAMA (sugar production) in Madagascar, in a consortium with Crédit Commercial de France ;
  • SONAPRA (cotton ginning) in Benin ;
  • SOAVANIO (coconut plantation) in Madagascar ;
  • HUICOMA (cotton oil production, soaps and cattle feed)  in Mali.