Cabo Verde diaspora expected to buy reserved portion of Cabo Verde Airlines

4 December 2019

The sale of a 7.465% stake in Cabo Verde Airlines’ share capital to emigrated Cape Verdean citizens will be fully subscribed, predicted the president of the Cabo Verde Stock Exchange, Manuel Lima.

“The process [which started in September] will run until 16 December and, as the Secretary of State has said, I can assure you that the sale process is proceeding quite positively,” Lima said.

A total of 74,650 shares of former Transportes Aéreos de Cabo Verde (TACV) are being sold at a unit price of 1,457 escudos (about US$14.6).

The process is part of the restructuring/privatisation of TACV, in which the first step was the sale of 51% of the company’s shares to Icelandair, after which the airline was renamed Cabo Verde Airlines (CVA).

The Cabo Verde state now holds 49% of the shares, with the government choosing to sell 10% to Cape Verdean workers and emigrants up to a total of 100,000 shares and the remaining 39% to institutional investors (390,000 shares).

A total of 91 employees of the former Cape Verdean public air carrier became shareholders of the company through the purchase of 25,350 shares in a transaction reserved for them from 1 July to 1 September. (Macauhub)