Total Cameroon to increase social capital

Total Cameroon shareholders have been invited to a mixed general assembly on May 14, 2014 at Le Méridien Hotel in Douala, the economic capital of Cameroon according to sources at the company.

While the ordinary general assembly focused on accounts approval for the 2013 fiscal period and reporting results, the extraordinary general assembly will address increasing capital by incorporation from the revaluation gap.

The oil product distribution leader in Cameroon, Total Cameroon has been facing ruthless competition from operators such as Oillybia or Tradex, the Cameroonian subsidiary of Société nationale des hydrocarbures (SNH).

In April 2013, Total Cameroon’s Managing Director, Jean Pierre Batterman confessed that “over the last period, Total lost 2.5% of market share due to rising competition,” whose market share “has gone from 5% t0 20%” in the last few years.