Globeleq24 Apr 2021 18:19
Things are moving fast:
https://www.investiraucameroun.com/finance/2404-16285-le-producteur-d-electricite-gobelec-vend-ses-creances-sur-eneo-d-un-montant-de-pres-de-83-milliards-de-fcfa
(Business in Cameroon) - According to our information, the independent electricity producer Globeleq, through its subsidiaries Kribi Power Development Corporation (KPDC) and Dibamba Power Development Corporation (DPDC), has mandated BGFIBank Cameroon to arrange the sale of its claims on Eneo. In the amount of nearly 83 billion FCFA, they represent the unpaid energy bills accumulated between 2015 and 2020 by the exclusive distributor of electricity in the country. It must be said that part of the electricity sold by Eneo is supplied by Globeleq (17% in 2019).
At the end of 2020, Eneo committed to settle this debt within 48 months, according to its general management. But obviously Globeleq does not want to wait any longer. According to the independent electricity producer, this “? cash flow is essential for the proper development of its activities ?”. To understand, it is necessary to know that these receivables, according to the figures of the group, exceed by nearly 20 billion FCFA the net result accumulated by its two subsidiaries (KPDC and DPDC) over the last three years.
Opportunity
This operation, confirmed by Eneo's CEO , Éric Mansuy, is an opportunity for the Cameroonian subsidiary of the pan-African banking group BGFI Bank and the banks that will be associated with it. They are expected to acquire Globeleq's receivables at a discount (that is, to a sum of several billion less than CFAF 83 billion). In addition, by allowing Eneo to repay this debt over a period longer than the initial 48 months, they should still earn interest each year during the amortization period.
We must wait for the conclusion of the discussions, which, ten days ago, were still "? at a preliminary stage ?", according to Eric Mansuy, to have a clear idea of ??what the banks will get. Nevertheless, by analyzing the current conditions of the credit market, the credit institutions that will commit could eventually pocket several tens of billions of FCFA for controlled risk-taking.
Indeed, the electricity sector is profitable. And Eneo is even working on a cumulative net profit of nearly 165 billion FCFA between 2021 and 2025. The State, which controls 45% of the exclusive distributor of electricity, is now working to restore the financial balance of the sector. He made a commitment to pay Eneo one billion FCFA each week for its electricity consumption to avoid accumulating arrears as in the past. With a payment of 45 billion FCFA in 2020, he has also started to pay off his debt to the electrician.
Prerequisites
In addition, the State has started to take measures considered by Eneo as “? important preconditions ?” to the conclusion of the transaction to transfer Globeleq's receivables. Indeed, at the end of last week, the Minister of Finance, Louis Paul Motaze, s
Sign In
Follow the stocks
