Kento Holding to invest 164 million euros in Zon Multimedia in Angola

21 December 2009

Lisbon, Portugal, 21 Dec – Angolan company Kento, owned by Angolan business woman Isabel dos Santos, plans to invest 163.8 million euros in the acquisition of 10 percent of telecommunications operator Zon Multimedia, the companies involved in the deal said Monday.

In a statement filed with Portuguese market regulator CMVM, Kento Holding Limited said that it had signed a promissory contract for the acquisition of 4.53 percent of Zon’s own shares, as well as stakes now owned by Portuguese bank Caixa Geral de Depositos (CGD) of 2.5 percent and Cinveste of 2.97 percent.

CGD, in is turn told CMVM that after the transaction was complete it would own an indirect stake of 14.93 percent in Zon, thus remaining the largest singe shareholder in the telecommunications company.

According to Zon, the intention to take a stake in the company has been expressed by Isabel dos Santos during the process of establishing a joint venture that will be 30-percent owned by Zon Multimedia and 70 percent by SOCIP – Sociedade de Investimentos e Participações, S.A. (100 percent owned by the Angolan businesswoman).

The aim of the joint venture is to provide satellite subscription television in Angola, and will be “the first step in a more wide-ranging strategy to develop operations in Africa,” Zon said.

The satellite that will broadcast to the African market has already been successfully launched, with companies currently working on preparations for the commercial launch, in the first quarter of 2010. (macauhub)