ARTICLE AD BOX
(Business in Cameroon) - The iron and steel manufacturer Metafrique Steel announced in a November 25 statement that it has absorbed Airgaz Cameroun, a company that produces and distributes industrial and medical gases.
"Airgaz Cameroun SA and Metafrique Steel SA approved the proposal for a partial contribution of assets from the former to the latter. Metafrique Steel SA will receive all the shares of Airgaz Cameroon SA, in remuneration of its contributions, 1 000 shares of CFA10 000 each, making the capital of Airgaz Cameroon (CFA10 million FCFA) and the remainder will be recorded as a premium of the partial contribution of assets in the accounts of Airgaz Cameroon SA, CFA1 838 404 695,” we learned.
Metafrique Steel is one of the two local subsidiaries of the Indian group Metafrique founded by Arun Goswami. Through this strategic move with Airgaz Cameroon, the Indian iron and steel manufacturer enters the Cameroonian industrial and medical gases market.
In this new market, Metafrique Steel has four competitors, the best known of which is Industrial & Medical Gases (GIM) which has been operating in Cameroon since 2004. GIM has a production capacity of 78,75 m3 of oxygen per day for a national demand estimated at 635,504 m3.
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