Portugal Telecom wants majority share of Cape Verde Telecom – report

15 May 2007

Praia, Cape Verde, 15 May – Portugal Telecom (PT), which owns 40 percent of Cape Verde Telecom (CVT), wants to increase its stake in the company to 51 percent, according to Cape Verdean newspaper, A Semana.

In its economy supplement, the Cape Verdean weekly said that the issue had been addressed with the archipelago’s government and had even been discussed in Lisbon by Prime Minister José Maria das Neves, as part of the visit that began last week in Portugal.

Becoming a majority shareholder in CVT is part of a “package” of proposals from PT, according to the paper.

An increase of PT’s stake in CVT would also be a consequence of the Portuguese group giving up on its case against the Cape Verdean State due to it having liberalized the telecommunications market despite having signed, in 1995, a contract giving Cape Verde Telecom the monopoly of the market for a 20-year period. (macauhub)