State loses control of Cape Verde Fast Ferry

Fast_Ferry.jpgThe State ceased to be the majority in Cape Verde Fast Ferry (CVFF). The shipping company is now controlled by private shareholders, who now hold the majority of shares (51%). Government and municipalities now hold 45 and 4 percent, respectively.

According to a press release sent to us, the decision to increase the capital was made at the last extraordinary general meeting of CVFF, which took place on 18 December, which also resulted in a new board of directors, elected unanimously, now led by Andy Andrade, founder and promoter of the company.

“Andy Andrade, who was the first PCA in CVFF’s history, has since returned to that position in a much stronger position as a majority shareholder among private stakeholders and counts on the support of all shareholders to conduct this new phase of the company, “reads the document.

Andy Andrade returns to announce the payment of the last interest of 10% of the Group A bondholders, as of February 2, and, by July this year, the investors of this group will have the return of the investment made in 2009.

“For me, this is the best part of being the founder of CVFF, fulfilling the commitments made,” says the official in the statement.

The new PCA will be supported by the board of directors of João Nicolau Monteiro (Operations) and Aniceto Soares (financial sector), “in what is expected to be a new phase of modernization and consolidation of the company.”

The new Cape Verde administration Fast Ferry wants to modernize, consolidate and position the company as a solid partner in the social and economic integration of all the islands. This is the purpose of the new PCA, which says that it has already made known to the employees the determination of the new management “to successfully face the new challenges that are imposed, first and foremost, the Maritime Transport Concession”.

“CVFF’s new management plans to present in the next 60 to 90 days a series of reforms and operational improvements focused on customer service and with a view to strengthening the company’s image and confidence, as well as positioning CVFF as a partner solid in the social and economic integration of all the islands, “he adds.

As for the future, the new management wants it to be “laughable, for the company to continue to contribute and to lead the maritime connection between the islands, a sine qua non ‘condition for the unification of the economy and the market”

With three vessels operating nationwide, management believes that CVFF is better placed to secure regular connections between the islands in a market that expects to have “equal rules for all”.

Rádio Morabeza and the Espresso of the Islands tried to listen to the new PCA of CVFF and the Government on several occasions throughout the day, but so far it was not possible to get any reaction to changes in the company.