Decree Law No. 146/2019
- Issuer: Presidency of the Council of Ministers
- Diploma Type: Decree Law
- Number: 146/2019
- Pages: 2 - 6
Summary in plain english
This decree-law approves the process of selling all or part of the shares that Caixa Geral de Depósitos [General Deposits Fund] (CGD) holds in the share capital of Banco Comercial do Atlântico [Atlantic Commercial Bank] (BCA).
BCA is a company under Cape Verdean law.What is going to change?
The process for the sale of CGD's shareholding in BCA is created.How is CGD selling its shareholding in BCA?
It is done through the direct sale of shares to one or more investors, individually or in groups.
As part of the sale process, it is the responsibility of the Council of Ministers, in particular:
- To set the number of shares to be sold;
- To approve the specifications that define the conditions under which the direct sale is made;
- To identify the investor or investors selected to acquire the shares of BCA;
- To set the sale price of each share.
The process of sale of shares may, at any time, be suspended or cancelled, at the initiative of the Council of Ministers, provided that it is justified by the public interest.
The revenue from the sale of shares is applied in CGD or in entities in which CGD has a stake.What advantages does it bring?
This decree-law strengthens the financial soundness of the public bank (CGD), guarantees a transparent negotiation process and ensures the public interest in the process of selling of the shares.When does it enter into force?
This decree-law enters into force on the first business day following its publication.