ENEO redistributes shares among shareholders

The shares of Energy of Cameroon (ENEO), a subsidiary of the British Investment Group Actis, have been redistributed among its shareholders following a board meeting, reports said on Saturday. ENEO is in charge of production, transportation, distribution, and marketing of electricity in Cameroon.

According to a new distribution to be in effect before the end of 2015, Actis should hold 51 percent of the capital, against 44 percent for the State of Cameroon, while the ENEO personnel will now have 5 percent of the shares.

This is the concrete materialization of the contract signed in 2013, as Actis was buying up the shares held by the US firm, AES Corporation, the erstwhile owner of the Cameroonian subsidiary AES-SONEL.

In the statement, which was copied to APA on Saturday, the board urges that all appropriate measures must be taken to finalize the agreement to be signed with Cameroon Power Holdings, to allow the launch before the end of the year of the tender to sell the 5 percent shares own by the employees.

The other decisions include the ENEO commitment to improve the supply of electricity, in order to fight the power cuts that still persist in some parts of the country.