CV Multimédia and CV Móvel will be incorporated into CVTelecom after approval by the general meeting. CVTelecom's intention is to commercialize different telecommunications services in an integrated manner, such as voice, data and television.
Cabo Verde Telecom (CVTelecom) completed the approval process for the merger of the three operators of the state-owned mobile and fixed telecommunications, Internet and pay-TV group, according to official information.
According to notices published by the state-owned telecommunications group, consulted today by Lusa, shareholders, including the Cape Verdean state, “according to the ministerial order of authorization”, they approved in a general meeting and “without any conditions” the “merger project of CV Multimédia and CV Móvel, by incorporation into CVTelecom".
CVTelecom's intention to merge the companies of that state-owned group envisages selling different telecommunications services in an integrated manner, such as voice, data and television, contrary to what still happens and what is already done by the competition.
This intention had already been advanced to Lusa, last January, by the president of CVTelecom, guaranteeing that the process will not involve redundancies. 🇧🇷The name is still unknown, but there will be only one company on CVTelecom's side”, said the chairman of the board of directors of the state-owned group, João Domingos Correia.
"We are predicting that within six months we will have a single company with its businesses”, he added at the time, assuring that this option will allow “gain operational efficiency” and will have “rpositive impact on consumer prices".
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the mergerit will represent a great facility in the life of the consumer customer, who will have a single invoice, who will have a single interlocutor and when they have to solve their problems they do not have to go to the six companies separately, but to a single company"He assured.
On the other hand, the chairman of the board of directors of the CVTelecom group, which has around 400 workers, assumed that redundancies are not foreseen with this merger. “Surely not. CVTelecom will have to recruit more people, with the appropriate technological profile, and we are in the process of reorganizing, recycling people who are still recyclable and working on the early retirement process for those who intend to go home earlier”, he added. Joao Domingos Correia.
The CVTelecom group has stakes valued at 1.028 million escudos (9,6 million euros) in several companies, namely CV Móvel (mobile telecommunications network, 100%), CV Multimédia (pay-TV and Internet, 100%) and Directel Cabo Verde (Yellow Pages, 40%).
The majority of the share capital of the CVTelecom group is held by the National Institute of Social Security (public institute that manages Cape Verdean pensions), at 57,9%, also counting on the state-owned Aeroportos e Segurança Aérea (20%), Sonangol Cape Verde (5%) and the State of Cape Verde (3,4%) among shareholders, as private nationals (13,7%).
The profits of the state-owned group Cabo Verde Telecom (CVTelecom) increased by 36,5% in 2021, to 284 million escudos (2,6 million euros), and for the third consecutive year sales grew again, despite the crisis caused by the covid -19.
According to the company's 2021 report and accounts, last year saw sales growth again, 7,9%, with 4.907 million escudos (45,9 million euros) of consolidated revenues, influenced by the growth of teleworking and associated resources, despite the declines in traditional sectors.
