Cabo Verde Government approves decree for privatisation of TACV airline

4 August 2017

The Cape Verdean government has approved the law that establishes the legal framework for the privatisation of the international arm of flagship air carrier TACV, which this week stopped operating domestic flights, the Minister for Foreign Affairs and Defence said on Thursday.

Luís Filipe Tavares, announcing the decisions made at a cabinet meeting, said negotiations to find a strategic partner to manage and take a stake in the airline are in the final phase and said additional information would be available when the decree-law is published in the Official Gazette.

Finance Minister Olavo Correia said recently that the Cape Verdean state may keep a stake in TACV International, but ruled out the possibility of using taxpayers’ money to buy shares in the company.

The privatisation of the international arm of the airline is part of the restructuring of the Cape Verdean carrier. The airline struck a deal with Binter Cabo Verde, which since Tuesday has been the only carrier offering flights between the islands of the archipelago.

Binter Cabo Verde, 100% owned by Hesperia Inversiones Aéreas, a group of investors in the Canary Islands, currently operates two ATR aircraft, and is waiting for delivery of a third. (macauhub)