The extraordinary general assembly of fuel company Enacol, which was supposed to have taken place on Friday, February 15, has been postponed until April, and will no longer be extraordinary.

Called and postponed on two separate occasions, Enacol has reached the conclusion that the holding of an extraordinary general assembly, which was intended to revise the company’s statutes and elect new officers, is no longer necessary. Indeed, with only two months left before the company’s next ordinary general assembly, which takes place every year in the third week of April, it was understood that it would be preferable to wait until this date to discuss the issues at hand.

The extraordinary general assembly was supposed to have taken place following the acquisition of 6.2% of the company’s social capital by the Banco Caixa de Investimentos on the Cape Verde Stock Exchange. Considered a “submarine” of Portugal’s GALP Energias, which detains 37.5% of Enacol’s shares, the emergence of the Banco Caixa de Investimentos resulted in a run on Enacol shares on the part of rival shareholder Sonangol and some of its Cape Verdean partners, which led to the substantial valorization of the company’s stock.

Following the run on Enacol shares, the Cape Verdean government led efforts to bring the company’s two main strategic partners, Portugal’s GALP and Angola’s Sonangol, to the negotiating table in order to put an end to the dispute, which was threatening the company’s stability.

Source: A Semana