Angolan bank Banco Africano de Investimentos to become shareholder of Cape Verde’s Electra

1 June 2011

Praia, Cape Verde, 1 June – Angolan bank, Banco Africano de Investimentos (BAI), which has a branch in Cape Verde, will, by the end of the year, by a shareholder of Cape Verdean water and electricity company, Electra, Cape Verde’s minister for Finance and Planning said Monday.

According to Minister Cristina Duarte, BAI will take a stake in Electra by converting a debt owed to it into capital. She did not reveal the value of the debt and noted that the move would not generate revenue.

Duarte said that Electra, a company that Cape Verdean Prime Minister, José Maria Neves, pledged to privatise this year, was seeking two types of partner.

“One financial partner, which can become the financial arm of the company and the one selected, had been BAI, and a second partner that has knowledge of the electricity production sector, both of which will be part of Electra’s shareholder structure,” Duarte said.

For the second partner, the minister said that there were some electricity production companies that had shown interest in Electra, but that so far, “these have only been statements of interest.”

The shareholders of BAI Cabo Verde, which has share capital of 90 million euros, are BAI Angola, with 71 percent, Angolan oil company Sonangol, with 19 percent, and Cape Verdean company SOGEI, with 10 percent. (macauhub)