[2019-04-29] Government of Cabo Verde sells 10% stake in airline TACV

Source: Macauhub

The government of Cabo Verde plans to sell 10% of the shares of TACV – Cabo Verde Airlines, through the country’s Stock Exchange, announced the Minister of State, Parliamentary Affairs and the Presidency of the Council of Ministers of Cabo Verde.

Fernando Elísio Freire recalled that the Cape Verdean state owns 49% of the airline, after having sold a 51% stake directly to Loftleidir Cabo Verde and added that the 10% will be sold for a unit price of 1,457 escudos and 5.0% will be reserved for workers and 5.0% for emigrants.

“There are 100,000 shares that will be sold on the Cabo Verde Stock Exchange, and the necessary legal conditions are being created to do so,” said the minister, quoted by the Inforpress news agency.

Loftleidir Cabo Verde paid 1.3 million euros for 51% of the capital of TACV and pledged to invest about US$5 million in the capitalisation of the company, with the State assuming an estimated liability of 100 million euros.

The government spokesman also said that to complete the reform in the air transport sector the government is working on the concession of handling services and the separation of the airport business and air navigation, which will both remain 100% state-owned.

Meanwhile, TACV is expected to start flying to Angola next October, following the first regular Luanda-Sal flight by TAAG – Linhas Aéreas de Angola on Monday, with a stopover in São Tomé, announced the Cabo Verde Minister of Tourism, Transport and Maritime Economy.

José Gonçalves was speaking at the end of the ceremony to launch TAAG’s flight to Cabo Verde, which took place on Thursday at the Amílcar Cabral International Airport on the island of Sal, thus resuming a connection that had been interrupted for three years.