Sale of 28.5 pct of Cape Verde fuel company Enacol underway

21 March 2007

Praia, Cape Verde, 21 March – The Initial Public Offering (IPO) of 28.5 percent of fuel company Empresa Nacional de Combustíveis (Enacol) owned by the state, was officially launched Tuesday at a ceremony headed by the Economy Minister, José Brito.

The minister said that the State would keep 1 percent of Enacol as a golden share, which will give it the power to veto on important issues whenever public interest is at stake, as the company is part of a strategic sector.

The government expects to net around 11 million euros from the sale.

Interested parties can make buy orders with their banks between March 26 and April 20.

The result of the offering will be seen on April 23 and Enacol will be listed on the Stock Exchange from April 25.

Enacol is currently controlled by Petrogal, of Portuguese group Galp Energia, and by Angola’s Sonangol, both with 32.5 percent, the Cape Verdean State (29.5 percent), the company’s workers (3.6 percent) and the general public (1.9 percent). (macauhub)