Cabo Verde government may sell Hotel Atlântico

8 January 2015

A resolution of the Council of Ministers of Cabo Verde (Cape Verde) granting the Minister of Finance the power to sell the State’s shares in the Atlantic Hotel, on the island of Sal, came into force on 1 January, the Cape Verdean press reported.

Hotel Atlântico was established in May 1995 as a public limited company with a registered capital of 10 million escudos, and the Cape Verdean state is expected to raise 45 million euros from the sale of its shares.

The government of Cabo Verde in 2005 signed a hotel exploration contract with Cabetur Hotels, but the contract was never carried out due to lack of investment by the company. (macauhub/CV)