Cape Verde government wants to sell stake in fuel company

24 August 2006

Praia, Cape Verde, 24 Aug – The government of Cape Verde plans to sell, by November, the 300,000 shares the State owns in fuel company Empresa Nacional de Combustíveis (Enacol) and sell its pharmaceutical company (Emprofac), a spokesperson from the Project Coordination Unit said Wednesday.

Rui Santos, the coordinator of the organization that deals with selling off state shareholdings, said that two of Enacol’s shareholders were interested in boosting their stakes in the company.

Enacol’s shareholders are Portuguese oil company Galp and Angola’s Sonangol (with 32.5 percent each). The Cape Verdean State (29.5 percent), the company’s workers (3.6 percent) and the general public (1.9 percent).

The likely scenario is that “part of these shares will be directly negotiated with Galp and Sonangol and the other part may be floated on the stock exchange,” said Santos.

As well as Enacol, the government also plans to sell Emprofac, a state company that has a monopoly on selling medication in Cape Verde.

“The strategy also includes selling the State’s shares by public tender, that is, floating some of the shares on the stock exchange and finding strategic partnerships for selling the remaining shares,” Santos said, adding that the liberalization of the pharmaceutical sector is likely to be carried out in phases and in the medium term. (macauhub)