GeoCapital, Gestão de Participações, has decided to sell the 27.44% stake it held in Caixa Económica de Cabo Verde (CECV), the financial institution’s chief executive said.
The investment company headquartered in Macau held 381,904 shares in Caixa Económica de Cabo Verde, which meant it was the bank’s second largest shareholder.
The CEO of the CECV, António Moreira Semedo, quoted by Jornal Economico, said that Geocapital’s decision can be understood as a “strategic option” by the Macau group of Macau to restructure its business in the countries where it is present.
The shares will be sold through the Cabo Verde Stock Exchange, through a private offer, pursuant to article 185 of the Securities Market Code, which means that GeoCapital’s intention is to find a “qualified” investor that can buy its entire holding in CECV.
GeoCapital will leave the CECV precisely nine years after it acquired 95,476 shares from Montepio Geral, which represented 27.41% of the capital stock of Caixa Económica de Cabo Verde.
Headquartered in Macau, GeoCapital is a public limited company active in banking, infrastructure and biofuels, and in addition to Cabo Verde (Cape Verde), it has businesses in Portugal, Mozambique and Guinea Bissau.
In addition to Geocapital, whose stake is now on sale, Caixa Económica de Cabo Verde also has as its main shareholders the National Institute of Social Security (47.21%) and the Cabo Verde Post Office (15.14%).