(Business in Cameroon) - Following an ordinary and an extraordinary general assembly of Commercial Bank of Cameroon's (CBC) shareholders on December 9, 2013 in Douala, December 30, 2013 was chosen as the date for “full preferential rights in the bank’s recapitalisation.”

This recapitalisation exercise can be a golden opportunity for the many investors interested in the CBC since its being placed under provisional administration. According to sources close to the majority shareholders, represented by Yves Michel Fotso (photo), in November 2010, the Côte d'Ivoire group, NSIA, had already shown interest in joining the CBC's capital. That same year, in the month of October, it was Qatar Islamic Bank that had expressed interest in joining the bank. In 2012, according to the same source, the Emirate group, Worldwide Holdings Limited (WWH Ltd) had submitted an “offer for CBC” to that entity's interim administrator.

In addition, the shareholders' meeting of December 9, 2013 in which representatives of the Central African Banking Commission (COBAC in French), the watchdog entity of the CEMAC zone's banking sector, and the Ministry of Finance also allowed for the adoption of the bank's accounts for 2012 and the approval of CBC's restructuring time-line.

However, according to the daily publication, Mutations, some CBC shareholders who wished to participate in this GA were expelled by the interim administrator of Cameroonian capitalised bank, Martin Luther Njanga Njoh, based on the claim that the shares of these shareholders are under sequestration.

It also concerns the CFHL Holding companies (Luxemburg), Fotso Group Holding (Cyprus) and Dawney Holding Ltd, businesses that hold 53% of CBCs shares and in which the businessman, Yves Michel Fotso, accused of being behind the bank’s challenges, holds major shares.

Placed under restructuring on January 28, 2013 after three years of provisional administration, CBC saw its restructuring deadline pushed back for the third time on November 25, 2013. The new deadline will be December 31, 2013.

BRM