Cape Verdean airline TACV to be sold in full

25 September 2017

The privatisation of Cape Verdean airline TACV provides for the total sale of the company, with a 51% share reserved for a strategic partner, another 39% for institutional investors and 10% for emigrants and workers, according to a decree-law published on Thursday in the Official Gazette.

In the decree-law that establishes the legal regime for the privatisation of Cape Verde’s flagship airline TACV, the government said the measure “is the result of the need to renew the economic model of Transportes Aéreos de Cabo Verde (TACV), to respond to requests from resident citizens, emigrants and tourists.”

The strategic partner will be chosen according to criteria and strategic objectives set out in the Decree-Law for Privatizations itself, said the decree-law now published.

TACV has an accumulated liability of more than 100 million euros, and now only provides international flights, after the government handed over domestic connections to Binter Cape Verde, because TACV was unable to carry out flights due to a fault in one of the engines of the its only aircraft for long-haul flights.

Last August, the Cape Verdean government signed an agreement with Lofteidir Icelandair to manage TACV for one year, with the possibility of renewal, to prepare the Cape- Verdean airline for privatisation. (macauhub)