Cabo Verde Airlines will be privatised by direct sale

1 August 2018

The privatisation of Cabo Verde Airlines will be carried out through the direct sale of all the shares representing the carrier’s capital stock, and three lots of shares will be reserved for specific recipients, according to an official statement released on Tuesday in Praia.

The statement said that a first batch of 39% will be for sale to institutional investors, the second batch of 51% is for direct sale to a strategic partner and the remaining 10% is reserved for an offer to workers and Cape Verdean émigrés.

The statement said that the State Business Sector Monitoring Unit (UASE) had received approximately 20 spontaneous expressions of interest from businesspeople and national companies and foreign investors for the purchase of Transportes Aéreos de Cabo Verde (TACV).

The lot for institutional investors may be sold directly or through the stock exchange, if the Council of Ministers decides to do so, “as a way to boost the issue of transparency in the disposal of shares.”

The strategic partner will have to be a company with relevant experience in international air passenger transport, combined with technical and managerial experience in the aviation sector, suitability and financial capacity, according to the strategic objectives set in the TACV privatisation process .

Cape Verdean Prime Minister Ulisses Correia e Silva announced at the end of July that Icelandair had made a proposal to buy 51% of Cabo Verde Airlines, as the 12-month period of the company’s management agreement is now over. (macauhub)