Thursday, May 30, 2013

■ CAMEROON: Government now mulling privatization of Camair-Co.

Leading on from our previous report on its pending restructuring plan, Camair-Co (QC) is now set to hold its Annual General Meeting in Douala on June 7 to discuss a possible privatisation plan coupled with a share capital grant.

Cameroon Airlines 757
According to a report on investiraucameroun.com, the company's sole shareholder, the Cameroonian government, is planning to offload a 51% stake in the struggling national carrier that, notwithstanding anticipated sales of USD60million (XAF33billion) to come by year end, has struggled since its inception in 2006 and subsequent launch in 2011.

As a result, the AGM on 7 June will map out a possible path to profitability for Camair-Co, founded from the remains of its predecessor, Cameroon Airlines (QC), which collapsed under bankruptcy despite the Government of Cameroon signing an agreement with SN Airholding, the parent company of Brussels Airlines (SN), to ensure future funding.