Cape Verde: Galp Energia distances itself from Sonangol in the control of cape Verde’s fuel company

28 November 2008

Praia, Cape Verde, 28 Nov – Portugal’s Galp Energia owns 44.6 percent of Cape Verdean fuel company, Enacol, distancing itself from Angola’s Sonangol, which has a stake of 38.1 percent, Cape Verdean newspaper, A Semana reported Wednesday.

Galp Energia and Sonangol had been vying for control of Cape Verde’s fuel company since 2007, but the paper said that Galp Energia’s domination was not even discussed at the company’s extraordinary general meeting, held Wednesday in S. Vicente.

At the beginning of this year several general meetings were scheduled and subsequently cancelled following the acquisition, by Caixa Banco Investimentos (CBI) of 6.2 percent of Enacol, which led Sonangol to make a run on the company’s shares and a subsequent increase in the Cape Verdean company’s share value.

The run on the company’s shares led the Cape Verdean stock exchange to suspend trading on its shares on 4 December of last year, with the suspension lifted on 14 January.

In March of last year the Cape Verdean state sold off its stake in Enacol, via a public offering of 285,088 shares, representing 28 percent of the company’s capital, despite keeping a so-called golden share in the company.

On 20 April, after the offering, Galp and Sonangol both had a 33.2 percent stake in Enacol, but by the end of the year, with the company listed on the stock exchange, Galp had 37.5 percent, Sonangol had 36.7 percent and CBI had 6.2 percent. (macauhub)