Privatisation process of Cabo Verde’s shipyards far from completion

19 December 2016

The sale of Cape Verdean shipyard company Cabnave is far from being completed, wrote Cape Verdean newspaper Expresso das Ilhas, which noted that Portuguese group ETE had made the best financial offer for the company’s privatisation tender.

The Portuguese group recently announced it had qualified “first in the international public tender for the privatisation of Cabnave, shipyards on the island of Sao Vicente in Cabo Verde, and the next step is financial negotiations and the final terms of the 30-year concession contract.”

But a source close to the privatisation process cited by the newspaper said that although the group presented the best financial offer that does not mean that it will be owner of Cabnave, “given that the State, represented by the government, has the right to cancel the tender and launch another. ”

“The process is identical to the one of French company Bolloré French in relation to the ports privatisation process,” cautioned another source cited by the Expresso das Ilhas, who also said that this (international tender) was just the first step tin the process.

The sale of Cabnave is being seen by the government as a sensitive process, similar to what happened with the concession of national ports, and the government is currently examining the proposals it has on the table, the newspaper said.

The ETE Group, established in 1936, operates mainly in the maritime and port area of logistics and consists of 42 different companies.

Present in countries such as Cabo Verde (where it operates in the logistics area), Colombia, Mozambique and Uruguay, the ETE group last year posted turnover in excess of 200 million euros and currently employs over 800 people across three continents. (macauhub)