End of turmoil for Africa 24.
Since January 2019, Afrimédia SA, the French subsidiary of the pan-African audiovisual group Africa 24, headed by Constant Nemalé, has been undergoing judicial liquidation proceedings.
At the end of this turbulent period of restructuring, the group announced that it had sold its French subsidiary, Afrimedia SAS, to the State of Cameroon.
It should be noted that the Africa 24 channel is wholly owned by Holding S.A. Afrimédia International, headquartered in Luxembourg, which is 80% owned by Constant Nemalé. The remaining capital is held by the Republic of Equatorial Guinea and Cameroon.
The Africa 24 Group welcomes the court decision of April 30, 2019, which, following a voluntary receivership procedure initiated on January 30, 2018, assigns the channel's technical broadcaster to its long-standing partner, the State of Cameroon, through a transfer plan. This court decision will enable all Africa 24 Group entities to restructure by mobilizing investors for optimal deployment across the African continent," said the executives.
The pan-African television channel will therefore be able to continue its activities.