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Petroleum products distributor Gulfin merges with Camship through absorption

Petroleum products distributor Gulfin merges with Camship through absorption
  • Comments   -   Thursday, 30 September 2021 18:08

(Business in Cameroon) - Cameroonian petroleum products distributor Gulfin S&T Co S.A.  merged by absorption with Camship-CLGG, which is the result of another merger between Cameroon Shipping Lines (Camship),  and Consignation et logistique du golfe de Guinée (CLGG).

The merger was disclosed in a legal announcement published on September 30, 2021. According to the document, thanks to the operation, assets estimated at XAF7.59 billion and liabilities valued at XAF4.01 billion were incorporated into Gulfin’s portfolio; meaning, the overall XAF3.5 billion net assets have been incorporated by Gulfin through the operation.

Gulfin also announces that it will increase its social capital by XAF1 billion, from XAF1.64 to 2.64 billion. The new 164.798 shares created will have a face value of XAF10,000 and all of them will be distributed to shareholders of the incorporated company, Camship-CLGG.

"The merging companies’ creditors whose claims predate the current announcement may object to the merger within a month from the publication of the present notice", the legal notice states.

Gulfin is assuming control of Camship at a time when the State company is showing signs of economic vitality. Indeed, in November 2020, it inaugurated cabotage services between the Ports of Kribi and Douala.  The service was much awaited since the launch of operations at the Kribi deep seaport in 2018. It allows large vessels that are unable to dock at the Port of Douala because of its small draft to unload their goods at the port of Kribi before the goods are sent to the port of Douala through the cabotage service.

The new scope of Gulfin's activities has not yet been revealed. But it is highly likely that the company will extend its activities from the distribution of petroleum products to cabotage.

S.A.

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