ASA Resources Group disputes MIBA SA recapitalization process

ASA Resources Group PLC, a 20% minority shareholder in the mining company MIBA SA, is calling for intervention from Congolese President Félix Tshisekedi and the government to halt a recapitalization process. The company claims the current procedure is “unthinking and disordered” and threatens to dilute its shareholding and strip it of preferential rights.

The dispute stems from a capital increase agreement reached during an extraordinary general meeting on February 6, 2026. Under the agreement, the Congolese state (80% shareholder) was to contribute $50 million, while ASA Resources Group was to contribute $12 million. However, ASA alleges that the state has proceeded with a new recapitalization process following a May 21, 2026, meeting without fulfilling four mandatory preconditions: a general audit of MIBA, a full inventory of its assets, the appointment of an independent firm to conduct these tasks, and improvements to corporate governance and the company's recovery plan.

ASA's legal counsel, Me Emedi Useni Ahmed, has sought a suspension of the resolutions passed in May through the Kinshasa-Gombe Commercial Court, but a ruling has been pending for nearly a month. The minority shareholder maintains that the financial, patrimonial, and managerial situation of MIBA must be clarified via an independent audit before any further capital injections occur.