Cape Verdean government to decide on model for selling Enacol shares after Summer break

16 August 2006

Praia, Cape Verde, 16 Aug – Cape Verde’s Council of Ministers is expected to define teh model for selling off shares in state fuel company Enacol after the Summer break, Cape Verdean daily A Semana reported, citing sources at the country’s Finance Ministry.

The government is to decide whether the 300,000 Enacol shares held by the Cape Verdean state should be listed on the stock exchange or if part of them (and in this case what percentage) should be sold directly to strategic partners (Portugal’s Galp and Angola’s Sonangol), with the government retaining a so-called golden-share in teh company, the paper said.

According to A Semana, it is already certain that the State plans to sell off all the shares it holds in Enacol, despite maintaining a small number of shares that would allow it to make decisions regarding the company considered to be of strategic interest to the country.

Analysts contacted by the paper said that the option of selling all the shares on the stock exchange would be teh way the government could make most money from the deal.

Whatever the decision the government makes, the same economists said that the future shareholder structure of the future fuel logistics company (Companhia Logística de Cabo Verde) should be taken into account. (macauhub)