Cabo Verde is expected to take a stake in Binter in June 2018

15 November 2017

The deadline for the Cape Verdean State to take a stake in the capital of airline Binter Cabo Verde ends in June of 2018, said the minister of Economy and Employment of Cabo Verde (Cape Verde), José Gonçalves recently.

“The agreement with Binter, through memoranda already signed, stipulates that the process of acquisition of 19% will be completed on the date that I have mentioned, and there is a portion, which is the compensation to the Cape Verdean State for opening up the market (30%), which can be completed by the end of the year,” said the minister, quoted by the local press.

Binter Cabo Verde, a subsidiary of Binter Canaries, since 12 November 2016 has operated flights between the islands of Cape Verde and since August has exclusivity on air links in the archipelago, after state airline TACV ceased to operate in the domestic market.

Binter Cape Verde began exclusive flights under a partnership that provides for the Cape Verdean State to take a 49% stake in the company, and the prime minister said in May this process would cost the State 1.1 million euros.

The airline, which in December 2016 increased its capital to 664.41 billion Cape Verdean escudos, is a private limited company under Cape Verdean law and its sole shareholder is Spanish company Apoyo y Logistica Industrial Canária, Sociedade Limitada. (macauhub)