(Business in Cameroon) - Electric utility Eneo announces that it recently initiated procedures for the creation of a subsidiary dedicated to energy production in Cameroon. According to Eneo, the subsidiary is being created in application of the commitments made at the government’s request when ENEO was signing the third amendment to its concession contract.

"The process began in February 2021, with the creation of a legal vehicle in which Eneo holds 100% of the shares and voting rights. All of Eneo’s shares, rights, and obligations in the electricity generation industry will be transferred to the entity called Eneo-Genco, through a partial asset contribution operation as provided for by the regulations in force and in particular the OHADA uniform act," the company said.

Eneo reminds that the conclusion of the process is subject to the approvals of the Eneo and Eneo-Genco’s extraordinary general meetings to be held in June 2021.

This new subsidiary is being created under the leadership of a joint committee chaired by the Minister of Water and Energy (Minee) with representatives from Eneo and several administrations like the Minee, the Ministry of Finance, the regulator Arsel and the Ministry of Justice.

S.A.