Incumbent Cabo Verde Telecom (CVT) has ejected its 40% owner, PT Ventures, from the board, reported the Lusa news agency citing an official source.
PT Ventures CEO Marco Schroeder has told journalists that his group will launch an appeal.
The decision…
Incumbent Cabo Verde Telecom (CVT) has ejected its 40% owner, PT Ventures, from the board, reported the Lusa news agency citing an official source.
PT Ventures CEO Marco Schroeder has told journalists that his group will launch an appeal.
The decision was taken at the company’s general assembly, which later approved all the board nominations presented by majority owner the Cape Verde government.
Manuel Inocencio Sousa will remain chairman, while Rui Araujo will become managing director. The executive committee will be named shortly.
In December, the government ended its 20-year partnership with PT Ventures – now controlled by Brazilian operator Oi, saying that it had violated corporate and strategic agreements by selling part of its shares in CVT without prior approval by Cabo Verde authorities.
Oi owns 30% of CVT through a 75% stake in Africatel Holdings, which owns the 40% of CVT through PT Ventures, according to Telegeography. Oi, which bought Portugal Telecom – itself to be sold to Altice, is looking to dispose of Africatel. Samba Luxco owns the other 25% of Africatel.
CVT’s other owners are Cape Verde state pension fund INPS (37.9%), postal agency CCV, Sonangol Cabo Verde (5%), the government (3.4%) and other private investors.
