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Gabon Takes Over Utilities Company in Bid to Improve Supplies

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Sept. 28 (Bloomberg) -- Gabon’s government became the main shareholder in the Societe d’Electricite, de Telephone et d’Eau du Gabon, a closely held utility company, as it seeks to improve supplies.

The state injected 106 billion CFA francs ($218 million) in the company, it said in a statement handed to reporters in Libreville, the capital, today. The company will compete with Societe d’Energie et d’Eau du Gabon, which also provides utilities in the central African nation.

Gabon wants to review the terms of a concession agreement between SEEG and Veolia Environnement SA of France, according to the statement.

To contact the reporter on this story: Antoine Lawson in Libreville via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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