Senegal's privatisation test

The Republic of Senegal has finally issued its prequalification tender for international bidders to take a minimum 33 per cent "strategic stake" in Societe Nationale d'Electricite (Senelec), the state power company. It is envisaged that around 10 per cent of the restructured Senelec's capital will be allocated to its workers and around 8 per cent to the public, while the state will keep hold of a maximum 41 per cent. The necessary legislation has been put in place (Law 98-06) and Paribas, a leading international bank, appointed to oversee the operation.