Cabo Verde State withdraws from capital of insurer Garantia Seguros

2 December 2014

The Office of Privatisation and Public-Private Partnerships (UPPPP) of Cabo Verde (Cape Verde) has put up for sale the 4,831 shares held by the State in insurance company Garantia Seguros, at a session chaired by the Assistant Secretary of State to the Finance Minister, Esana Carvalho.

According to Cape Verdean newspaper A Semana, the State’s shares represented 2.41 percent of the share capital of Garantia Seguros and were reserved for acquisition by employees through a private subscription process, at a unit price of 6,000 escudos.

Carvalho said the government’s decision to sell the shares in the insurer was another step in the state’s withdrawal from small stakes it still owned in the business sector, after in 1998 it sold most of the shares held in the insurance company.

“We started with Banco Comercial do Atlântico where we had 10 percent, we also have the (fuel company) Empresa Nacional de Combustíveis e Lubrificantes (Enacol) with a small stake and others are under consideration,” said the Assistant Secretary of State adding, “basically we are selling the state’s stakes in these companies to the public. ”

Carvalho also mentioned Promotora, Atlantic Tuna (São Vicente) and Hotel Atlântico (Sal) where the State intends to sell its holdings. (macauhub/CV)