Government confirms Icelandair as partner in privatisation of Cabo Verde Airlines

20 September 2018

Icelandair is the strategic partner of the Cape Verdean government for the privatisation of the Cabo Verde (Cape Verde) flagship airline, according to a Cabinet resolution published in the country’s Official Gazette.

Resolution No. 92/2018 sets out the final and concrete terms of sale of shares representing up to 51% of the capital stock of TACV (Transportes Aéreos de Cabo Verde) to the identified strategic partner.

The government notes that it may select a new strategic partner if the proposal submitted by Icelandair does not meet the requirements set out in the specifications or if negotiations are unsuccessful.

Icelandair submitted a proposal last July to buy 51% of the airline, according to an announcement by Prime Minister Ulisses Correia e Silva.

The privatisation of TACV will be carried out through the direct sale of all the shares representing the share capital, and that three lots will have specific recipients.

The first batch of 39% will be sold to institutional investors, the second batch of 51% is for direct sale to a strategic partner and the remaining 10% batch is directed in equal shares to workers and Cape Verdean emigrants. (macauhub)