News from Islands
Angolan African Investment Bank will be a shareholder of Cape Verde's Electra
Praia, Cape Verde, 1 June - The Angolan Banco Africano de Investimentos (BAI), which has a branch in Cape Verde, will be by the end of the year, a shareholder of the Company of Electricity and Water (Electra), revealed Monday Finance Minister of Planning and Cape Verde.
According to the Minister Cristina Duarte, the entry of BAI on Electra will be made through the conversion of debt into equity, an amount not indicated and that this input will not generate revenue.
Duarte said the Electra, the company that the prime minister of Cape Verde, José Maria Neves has promised to privatize this year, is looking for two types of partners.
"A financier, who can transform the financial arm of the company and was selected the BAI and a second who is knowledgeable of the business of power generation, both going to be part of the ownership structure of Electra," said Duarte.
For the second case, said the Minister of Cape Verde, "there are some companies" that provide electrical energy that have shown interest in entering the Electra, but so far "are merely expressions of interest."
BAI Cape Verde, with a capital of 90 million, its shareholders are BAI Angola, with 71%, the Angolan oil company Sonangol, with 19%, and Cape Verdean company Sogei, with 10%.
Source: macauhub
