[2019-11-21] Cape Verdean government sells state position in national fuel company Enacol

Source: Macauhub

The Cape Verdean government will sell its 2.1% stake in national fuel company Enacol through a public offer through the Cabo Verde Stock Exchange, according to a statement issued in Praia.

Enacol, which was founded in 1979, is currently 48.3% owned by Portuguese group Galp Energia, 38.7% by Sonangol Cabo Verde and, in addition to the Cape Verdean State, 10.9% by other small shareholders.

Enacol’s share capital is 1 billion escudos (US$10 million), represented by one million shares, with a nominal value of 1,000 escudos (US$10), so the state’s position, with 21,000 shares, has a nominal value of 21 million escudos.

The 2018 Annual Report showed that the company had a net profit of 841.9 million escudos, an increase of 20% over 2017, while operating income increased 30% to 16.965 million escudos.

That same year, Enacol sold{ 243,430 tonnes of oil products, a 7% increase year-on-year, or a market share that fell by 1.4 percentage points to 52,5%.