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Yaoundé - 08 December 2019 -
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British Actis still keeping the mystery around ENEO’s sale

British Actis still keeping the mystery around ENEO’s sale
  • Comments   -   Wednesday, 24 July 2019 16:44

(Business in Cameroon) - Today July 24, 2019, Nafiatou N’Daw (photo), chairwoman of Energy of Cameroon (Eneo)’s audit committee, could have ended the rumors according to which British Actis, the majority shareholder in ENEO (51%), was looking for a buyer for its shares. But she didn’t.

At the end of an audience with the minister of finance Louis Paul Motaze, she was interviewed about the sale by journalists. She replied that it was not up to her to answer such questions but any decision taken by Actis would be in the government and the company’s best interests.

She also indicated that she met the minister to talk about improvement of the energy sector.

For the time being, many media have announced that tired of political interferences and government’s unpaid debts (more than XAF100 billion), Actis has been on the lookout for a buyer for its shares in the energy distribution company. According to Jeune Afrique, many potential clients, including Angolan Aenergy, have reached out for inquiries.

On November 7, 2013, American and British groups AES and Actis announced that they reached an agreement for the sale of all of AES’ assets in its Cameroonian subsidiaries namely AES-Sonel (Eneo’s predecessor), Kribi Power Development Corporation (KPDC) and Dibamba Power Development Corporation (DPDC). The amount of the transaction was $220 million (about XAF110 billion) at the time.

Six years later, the British investment fund seems ready to sell. But, to who? Let’s stay tuned.

S.A

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