Portuguese cableco Zon Multimedia has confirmed Angolan investor Isabel dos Santos now owns 28.8% of the company, having acquired state-owned financial group Caixa Geral de Depositos’(CGD’s) entire 10.88% direct stake.
CGD sold more than 33 million…
Portuguese cableco Zon Multimedia has confirmed Angolan investor Isabel dos Santos now owns 28.8% of the company, having acquired state-owned financial group Caixa Geral de Depositos’(CGD’s) entire 10.88% direct stake.
CGD sold more than 33 million shares to dos Santos’ Amsterdam-based company Jadeium in accordance with their previously-announced 12 June agreement, Zon said in a company filing.
CGD’s pension fund and a wholly-owned subsidiary, insurance company Fidelidade, have also sold around 500,000 and 215,000 Zon shares respectively to Jadeium, the statement read.
While Zon did not disclose the financial details, a report in Portuguese newspaper Jornal de Negocios cited a source close to dos Santos as saying she has agreed to pay €2.60 per share, equalling a total of €88.09m.
As such, CGD’s indirect stake in the cableco now stands at just 0.0016%, with Fidelidade holding all 4,874 remaining shares.
Dos Santos now owns 18.8% of Zon via Jadeium, which is the cableco’s largest shareholder, and 10% via Malta-based Kento Holding, which she directly controls and also has a stake in Portugal Telecom.
The daughter of Angola’s president, dos Santos has recently built her stake in Zon. In early May, she bought Telefonica’s 4.918% stake in the cableco and, earlier this month, reportedly acquired a further 2.82% from Portuguese company Cinveste. She has investments in several Portuguese companies, including a stake in the nation’s third largest bank, Banco BPI.
