Loftleidir Cabo Verde acquires 51% of TACV airline

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The sale of 51% of the shares representing the capital stock of Transportes Aéreos de Cabo Verde (TACV) to Loftleidir Cabo Verde will take place on Friday, 1 March, the Cape Verdean government announced on Wednesday in Praia.

The government said in a statement that the privatisation of TACV, with the sale of the company, owned 70% by Loftleidir Icelandic EHF and 30% by Icelandic businesspeople, was taken on “as one of the priorities of the current government of the Republic of Cabo Verde.”

The statement added that given the financial troubles of the Cape Verdean flagship airline and with a view to recovering it ahead of privatisation, “the government decided to proceed with an ambitious programme to restructure the company in May 2017.”

In August of that year “a partnership was established between the State of Cabo Verde and the Icelandair Group, a group with recognised international experience and familiar with commercial aviation.”

Loftleidir Icelandic submitted a binding proposal for the acquisition of 51% of TACV shares to the Cape Verdean government on 27 July 2018, and subsequently proposed to use its subsidiary, Loftleider Cabo Verde, as a vehicle for acquiring the stake, to which the Government did not object.”

The statement added that the signing of the contract to acquire the 51% stake in the is “a historic moment for Cabo Verde, as it ensures the continuity” of the “flagship company” and is certainly an important step towards the materialisation of the platform based on the island of Sal.” Source: Macauhub

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