Government of Cabo Verde analyses selling shares in Garantia Seguros insurance company

10 December 2014

The offer to sell 4,831 shares of the Garantia Seguros insurance company held by the Cabo Verde (Cape Verde) state was not completely subscribed, so the unsold shares will be sold based on a model hat has yet to be decided, the country’s Ministry of Finance and Planning said.

Of the shares offered for sale by the Unit for Privatisation and Public-Private Partnerships 3,105 were sold, or 64.3 percent of the total, to the employees of the insurance company, which paid 18.63 million escudos, at a unit price of 6,000 escudos.

The Assistant Secretary of State for Finance, Esana Carvalho, said recently that the government’s decision to sell the shares in the insurer would continue the State’s plan to withdraw from small stake-holdings in the business sector, after in 1998 it sold most of the shares it owned 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. “(macauhub/CV)