12/10/06 - Cape Verde state takes control of power and water company Electra PDF Print E-mail
ImageThe Cape Verde state has become the majority shareholder of Empresa Pública de Electricidade e Água de Cabo Verde (Electra) as part of the restructuring of the company begun on August 31 in Praia.  The sale contract for the company’s shares was signed by representatives of the State, which will own 51 percent, previously owned by Energias de Portugal- Águas de Portugal (EDP-ADP), and which will now have a 34 percent stake and Cape Verdean municipalities that hold a total of 15 percent of Electra’s shares. Rosa Pinheiro, director-general of the Treasury, who signed the document on behalf of the Cape Verdean government, said that from now on the shareholders would work together to serve the Cape Verdean population better, which, she said, was Electra’s main purpose.

The current board of directors will remain in place until October 20, when a new board will be elected at a General Meeting
 
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