Sao Tome and Principe: Euroatlantic negotiates 37% of STP Airways with Sao Tome government

28 May 2008

Lisbon, Portugal, 28 May – Euroatlantic has established a pre-agreement with the Sao Tome authorities to keep a 37 percent stake in airline STP Airways, which is slightly more than the state’s stake, the chairman of Euroatlantic, Tomaz Mello said in Lisbon.

According to the chairman of the airline owned by tourist group Pestana and the Metello family, “the proposal that is on the table” for government approval “is for Euroatlantic to have 37 percent of STP Airways, the Sao Tome state to have 35 percent, Banco Equador 14 percent and Angola’s Gias, a further 14 percent.”

Metello said that at the time the group applied to the tender for privatisation of the Sao Tome airline, the “only demand” made by Euroatlantic had been exclusivity of management of STP Airways.

The privatisation of STP Airways was granted to Euroatlantic in partnership with Angolan airline Taag, in July 2007, after which negotiations on the model of management, which were successively delayed or inconclusive.

In December last year the President of Sao Tome, Fradique de Menezes, was already showing some impatience and, Later, prime minister Patrice Trovoada showed he was tired of the delay and said contacts had been made to find an alternative solution to Euroatlantic.

Regardless of the future of STP Airways, Metello said that charter flights to Sao Tome and Principe would start on 9 June.

These flights, which will take place until 15 September and involve five Portuguese tour operators, are expected to take 2,000 tgourists to teh archipelago.

The Pestana group is one of the biggest private groups in Sao Tome and Principe and is building the country’s first five star hotel, as well as a tourist complex with 54 homes for sale.

Two hotels which are already in operation are Hotel Miramar, with 65 rooms, and Pestana Equador. (macauhub)