The government of Cabo Verde intends to close the privatisation process of the national air carrier by the end of the year with the sale of a controlling stake of 51%, according to an official statement.
In the document, the government said it had received a proposal from Icelandic carrier Loftleidir-Icelandic, for the acquisition of 51% of the capital of TACV – Cabo Verde Airlines.
This proposal, the document said, was evaluated by a commission appointed by joint order of the Finance, Tourism and Transport Ministers and advised by international experts in commercial law, air transport and privatisation.
“The Council of Ministers then decided to elect the tenderer as a strategic partner for the privatisation of TACV,” the statement said.
The privatisation of TACV will be carried out through the direct sale of all the shares representing the share capital, and that three lots will have specific recipients.
A first tranche of 39% will be sold to institutional investors, the second batch of 51% is for direct sale to a strategic partner and the remaining 10% will be set aside in equal shares for workers and Cape Verdean emigrants.