After several years marked by financial and operational difficulties, the Naval Studies, Construction and Repair Company (Secren S.A.) aims to turn a new page in its history.
The 10 billion ariary capital increase, authorized by decree on August 4, 2026, and allowing for the participation of the Malagasy State, is one of the main levers for this recovery. However, this injection of funds is only one step. The challenge now is to transform this recapitalization into industrial activity, contracts, jobs, and sustainable results.
In Antsiranana, the company intends to stay the course and continue the actions initiated to regain its place in naval construction and repair. The recapitalization is expected to strengthen its operational capabilities, support industrial activities, and provide more room for maneuver for the general management to respond to orders and seize new commercial opportunities.
Naval repair and maintenance remain at the heart of this strategy. Operations already underway on various vessels demonstrate this desire for repositioning. For Secren, each contract represents a source of revenue, an opportunity to mobilize its skills, and a means to demonstrate its ability to become a credible industrial player once again.
According to Antony Rakotoarisoa, former interim general manager and member of the new team, the capital increase primarily addresses an accounting and financial necessity. The company’s equity had become negative, making a recovery and financial restructuring operation essential. “It is not viable for equity to fall below the 50% threshold of capital,” he explains.
The situation remains marked by significant debt and a decline in activity yield. This degradation has gradually weighed on the balance sheet, severely weakening equity. However, this operation remains below the needs identified in the business plan, which provides for a capital increase of 27 billion ariary.
The State is not the sole shareholder of Secren. It is one of the three shareholders, alongside OMNIS and CNaPS. For this financial official, this increase should improve the company’s financial structure, but also finance investments aimed at upgrading the shipyard’s essential infrastructure.
“The stated objective is also to strengthen equity and create better conditions to attract new clients,” he adds.
Secren’s current share capital stands at 8.527 billion ariary. But the effort required for industrial recovery far exceeds this first operation. According to the business plan, an additional 101 billion ariary would still be needed to finance investments related to the total rehabilitation and relaunch of the company.
Captured & Published at: 2026-10-02 06:11:34 (Madagascar Local Time EAT)
Original Source: https://www.lexpress.mg/2026/10/societe-detat-la-secren-poursuit-sa.html
