TACV privatisation expected to be completed by the end of 1Q2018: Minister of Finance

6 December, 2017

Cape Verde's Minister of Finance Olavo Correia said the privatisation of TACV is expected to be completed by the end of 1Q2018 after an evaluation of the company is completed (Observador/Dinheirovivo/Asemana, 05-Dec-2017). Mr Correia said the valuation should be completed at the beginning of 2018 and the Government plans to finalise the process quickly "because the sooner it is concluded, the better for everyone". TACV is being managed under an agreement with Icelandair, which could be a potential strategic partner in the privatisation of the carrier's international business, Mr Correia said. The Minister also noted the state of "bankruptcy" in which the present Government found TACV, with EUR30 million in annual losses. He said liquidation of the company was considered, although that would have been at a cost of around EUR60 million.