Six Actis representatives join AES Sonel’s board

At a general assembly held by the Cameroonian electrical company AES Sonel in Yaoundé on June 12, 2014, reliable sources allege that representatives of the American group, AES, who previously sat on the board of the electricity provider resigned following the takeover by the British investment fund, Actis.

The board members who resigned were soon replaced by six representatives selected by Actis. The meeting held announced the arrival of Actis to the company that will soon change its name in the coming weeks. Actis’ board appointees include David Michaël Stuart Grylls, Mark Edwards Goldsmith, Adrian Thomas Mucalov, Nikhath Zigmund, Tobjorn Caesar Knut and Hanaan Lea Marwah.

Following this first Actis-led general assembly, the company’s Managing Director, Jean David Bilé, was returned to his post with the additional label of board member. He therefore assumes the new title of Administrator and Director General while the board chairman, economist and advisor to the head of state, Séraphin Fouda, also keeps his position. According to reliable sources, this team will remain in place until the company’s management is reshuffled.

Actis officially became the majority shareholder and main provider in Cameroon’s energy sector on May 23, 2014 with the signing of an agreement with the Cameroonian government. The agreement itself followed the acquisition of 100% of AES Corp’s assets in the country’s electricity sector announced in November 2013.

At the start of the week, Globeleq, a subsidiary 100% owned by the Actis Investment Fund, officially announced that it would be taking over control of the Kribi and Dibamba electrical plants, respectively situated in the south and in the coastal region. They have a cumulative capacity of 300 MW and have thus far been managed by KPDC and DPDC, two AES subsidiaries in Cameroon.