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Sun, 13 Oct 2019 16:29 - Updated Sun, 13 Oct 2019 16:38

CAIOPORTO is fully owned by the Sovereign Wealth Fund

Luanda - Northern Cabinda province-based CAIOPORTO S.A. company is fully owned by the Angolan Sovereign Wealth Fund (FSDEA), reads a note from the firm that reached Angop on Sunday.

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Cabinda: Caio Port under construction

Photo: Henri Celso


CAIOPORTO S.A. is a company 100 percent owned by a “specified vehicle“ of the Angolan Sovereign Wealth Fund, says the note.
In its communique, FSDEA further states that "ultimately" the firm is actually the holder of “all rights” granted in terms of the Presidential Decree 166/19 of 1st of October. 
Under the deal reached between the Angolan Government and the former owner of the company, Jean-Claude Bastos de Morais, many of the firm’s assets were returned to Angola’s ownership, including the firm CAIOPORTO S.A. itself.
 
In the Presidential Decree of 1st of October this year, President João Lourenço decided to dismiss the commission he had appointed in May 2018 to negotiate the cancellation of the concession contract awarded to CAIOPORTO in 2012, thus opting to keep the company in control of the project.
The Head of State justifies the decision with the “results of the job done by the commission, translated in the recovery of the CAIOPORTO S.A. company by the Angolan State", coupled with the need to ensure full implementation of the project.

The Degree commissions the minister of Transport to award one of the Porto de Caio (Caio Port)’s terminals to CAIOPORTO “to ensure the recovery of its investments in the implementation of the project.”
 
It (Decree) also assigns the Finance Ministry to operationalise the credit line allocated to the project, as well as the funding required for its construction, and orders the handing of the infrastructure over to the Empresa Portuária de Cabinda upon completion.

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