on ELECTRICITE ET EAUX DE MADAGASCAR (EPA:EEM)
Conviction of Valéry Le Helloco and his Companies by the Paris Court of Appeal
On May 28, 2025, the Paris Court of Appeal handed down a sentence against Mr. Valéry Le Helloco, the main shareholder of Electricité et Eaux de Madagascar (EEM), and his companies, after exceeding the 30% voting rights threshold between 2019 and 2023. As a result, their voting rights linked to EEM shares are suspended for five years.
The Court also ordered EEM to pay €30,000 in legal costs. However, it dismissed EEM's claim for compensation for moral and material damages. The Court did not require the filing of a public offer for EEM shares.
A previous AMF decision, confirmed on March 20, 2025, requires Mr. Valéry Le Helloco to launch a public takeover bid for EEM. In response, SAS Le Clézio Industrie announced the upcoming filing of a proposed public offer.
R. P.
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