Sonair, the airline of Angolan state oil company Sociedade Nacional de Petróleos de Angola (Sonangol) is to take a majority-stake in Sao Tome and Principe’s flagship airline STP Airways, Sao Tome’s Minister for Public Works and Infrastructure said.
Cited by Angolan newspaper O País, Minister Carlos Vila Nova said that the decision would be made official Wednesday during the general shareholders meeting of STP Airways and added that taking 51 percent of the archipelago’s airline would also involve an injection of capital and provision of new equipment, specifically aircraft.
The shareholder structure of STP Airways, which was founded in 2008, thus far included Portuguese company EuroAtlantic Airways – Transportes Aéreos, with a 37 percent share, the Sao Tome state with 35 percent, private company GIAS with 14% and Banco Equador, also with 14 percent.
Sao Tome newspaper Téla Nón reported that the Sao Tome state would hand over part of or its entire stake in STP Airways, and that Sonair would have to buy more shares from current shareholders to make up the 51 percent.
In April the prime minister of Sao Tome and Principe, on a visit to Angola said that he hoped Sonair would become the “majority partner in STP Airways with 51 percent,” and said that the partnership with Sonangol was “important.”
Sonangol, which will now take a majority stake in the airline and may also get a controlling stake in the country’s water and electricity company Empresa de Água e Electricidade (Emae), already manages the port and international airport of Sao Tome and Principe. (macauhub)