Privatisation of Cabo Verde Airlines due to be completed on 31 December, 2019

12 November 2019

The sale of Cabo Verde Airlines (TACV) shares is proceeding “as normal” and will be concluded on 31 December, 2019, the Cape Verdean Government said in a statement issued on Monday in Praia.

The statement from the Ministry of Finance said the sale of 51% of TACV shares to its strategic partner, Loftleidir Cabo Verde, was signed on 1 March this year, with the remaining 49% being sold.

Following the sale of the majority of the capital to the Icelandic group, the State of Cabo Verde now holds 49% of the company’s shares, and the Government has chosen to sell 10% to Cape Verdean workers and emigrants (100,000 shares) and 39% to institutional investors (390,000 shares).

The Government has already sold shares to employees, with 91 employees of the former Cape Verdean public air carrier becoming shareholders, in an operation that took place from 1 July to 1 September through the Cabo Verde Stock Exchange.

Secretary of State Gilberto Barros said on 20 September last that the sale of shares representing 39% of Cabo Verde Airlines’ share capital to institutional investors will be made through a competitive auction, given that demand at the time was already bigger than supply. (Macauhub)