Cape Verde government to own 51 pct of power company Electra

31 August 2006

Praia, Cape Verde, 31 Aug – The government of Cape Verde is due Thursday to sign the contract, with Portugal’s EDP and AdP, for transferal of 51 percent of power company Electra to the Cape Verdean state, the online version of newspaper A Semana reported..

As part of this redistribution of capital, the Portuguese consortium (EDP/AdP) will keep 34 percent of Electra, while cape Verde’s municipalities will keep 15 percent.

The paper also said that a general meeting is expected to be called in the first two weeks of September to approve some management instruments and elect the new members of the board.

The current board will remain in place until September 12.

The agreement was signed last month in Praia between the Portuguese and Cape Verdean Economy ministers and managers of Portuguese power company EDP and water company Águas de Portugal (AdP). (macauhub)