Electricité et Eaux de Madagascar Société Anonyme (EEM.PA) is a France-based holding company that invests in the hotel, real estate, wood and paper, casino, and wine sectors; it operates luxury hotels under the Victoria Hotels and Resorts brand primarily in Cambodia through subsidiaries such as Victoria Angkor and Victoria Angkor Estate, holds minority stakes in Groupe Gascogne for wood and paper activities, owns real estate properties in Paris via entities including SAIP, SNC Paris Croix des Petits Champs, and Les Vergers, maintains minority interests in Societe Francaise de Casinos, and invests in Hungarian wine producers Tokaj Lencses Dulo Kft and Tokaj Hetszolo. The company, founded in 1928 and headquartered at 40 Rue du Louvre in Paris, France, focuses on luxury hospitality and diversified minority investments targeting high-end tourism, property rental, and specialty manufacturing markets in Europe and Asia. In recent developments, a consortium comprising Le Clezio Industrie Sarl, Degemer Group, and Financière VLH SARL proposed in May 2025 to acquire the remaining 71.65% stake for approximately EUR 6.2 million at EUR 1.5 per share, with a draft tender offer filed by June 2025 pending AMF approval; the company also received a Cambodian amnesty decision on a roughly EUR 3 million tax debt for Victoria Angkor Company Limited, announced capital reduction via self-held share cancellation, and extended its corporate duration to June 2032 at the June 2025 annual general meeting.