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Cameroon: Prompted by accumulated losses, shareholders approve the premature dissolution of newsagent Messapresse

Cameroon: Prompted by accumulated losses, shareholders approve the premature dissolution of newsagent Messapresse
  • Comments   -   Monday, 04 January 2021 14:14

(Business in Cameroon) - During the extraordinary general meeting held on December 16, 2020, the shareholders of Messapresse ruled in favor of the premature dissolution and the liquidation of the company which is the main newsagent in Cameroon. This decision follows a suggestion submitted by the administrative board during a meeting held barely a month earlier (November 30, 2020).

According to the official release published in that regard, the decision was prompted by the losses (estimated at XAF1.3 billion) being accumulated by Messapresse for six years now. This decision occurs barely one (1) year after the newsagent restarted distributing local newspapers in September 2019. Indeed, two years earlier, the company had stopped distributing such newspapers after French group Presstalis (the majority shareholder in Messapresse) decided to withdraw from the distribution of Cameroonian newspapers, 80% of which it claims are unsold.  

When Messapresse decided to relaunch the distribution of local media, it did so without the expertise of Presstalis (that supplies it with foreign newspapers distributed in Cameroon). Also, some news companies had launched their distribution networks (after Messapresse stopped the distribution of local newspapers in 2017). They include state-owned media Cameroon Tribune and various private media. For Messapresse’s management, these distribution networks also contributed to the dissolution decisions.

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