The deal was closed earlier than expected. The Singaporean industrial group Olam disbursed a sum of 22.59 billion CFA francs (approximately 42 million USD) on November 30, 2020 for the payment of the sale of the New Cotton Company of Togo (NSCT), we learn from official sources. .

Negotiations had been underway for several months with the Togolese State. The latter, who is delighted to have sold 51% of the shares of the former Sotoco (Togolese cotton company) to a "renowned partner already heavily involved as a buyer of Togolese cotton, whose expertise is recognized and whose presence in several neighboring countries is crowned with success".

According to the Minister of Economy and Finance, Sani Yaya, Olam is committed to investing substantially in the cotton sector to double production within 5 years, and improve the income of producers. This through the establishment of an income stabilization mechanism allowing them to have a guaranteed level of income notwithstanding the possible fluctuation of cotton prices on the international market.

For him, the operation also aims to modernize the industrial tool throughout the chain from production to processing, to develop the "cotton made in Togo" brand in order to enjoy a price differential in relation to quality. This privatization thus sealed, was mentioned by the government as being one of the factors having led to a draft ordinance on the second amending finance law, financial year 2020.

As a reminder, this agreement is not a trial balloon for the Olam group in the country. The Singaporean is active in the construction of the Adéticopé Industrial Platform (PIA) for an investment of nearly 140 billion CFA francs (about 260 million USD) through its subsidiary Arise. Similarly, the group had concluded a memorandum of cooperation agreement with the government for the studies and the construction of a highway linking the city of Lomé in the south, and that of Cinkassé in the far north, bordering Burkina Faso.