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Yaoundé - 23 September 2019 -
Economy

BDEAC’s capital increase delayed by shareholders

BDEAC’s capital increase delayed by shareholders
  • Comments   -   Friday, 13 September 2019 16:09

(Business in Cameroon) - In June 2014, the Development Bank of Central African States (BDEAC) decided to increase its capital to XAF1,200 billion via decision n° 178/AGE/54/14.

However, up till December 31, 2018, this decision was yet to be implemented. According to a 2018 report published by the bank, in view of the delays in the implementation of this decision, during its extraordinary general meeting of November 16, 2015, all shareholders were invited to subscribe shares and release funds according to a fixed schedule.

The deadline for the schedule was June 30, 2017. Yet, till December 31, 2018, only Gabon and Guinea had released the full amount of funds they should pay.

Out of the XAF33.526 billion Class A shareholders should release, XAF14.510 billion is yet to be paid.

Except for the Bank of Central African States (BEAC), Morrocco and CEMAC commission, class B shareholders have also not yet released the funds expected from them. They still have to pay XAF19.743 billion.

BDEAC indicates that it has already initiated procedures to invite shareholders to complete the requirement to allow the success of the capital increase. The development bank added that it has started looking for new investors.

S.A.

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