Coris Group has increased its stake in Cape Verde’s Banco Comercial do Atlântico (BCA) from 59.81% to 62.25% following a public takeover offer, according to the Cape Verdean stock exchange. The move follows Coris Holding’s January purchase of 59.81% of BCA’s share capital from Caixa Geral de Depósitos, which gave the West African financial group control of the bank and triggered the mandatory offer for the remaining shares.
The offer covered 532,413 shares, equivalent to 40.19% of BCA’s share capital, at a price of 14,918 Cape Verdean escudos, or about 135 euros, per share. Acceptance orders were submitted for 32,300 shares, representing 6.07% of the shares included in the offer.
As a result, 500,113 shares were not acquired by Coris Holding and remain in the hands of 672 shareholders, accounting for 17.25% of BCA’s capital. BCA chairman Gilberto Barros said the outcome suggests shareholders prefer to remain invested in the bank because they trust the new reference shareholder, Coris Holding.
Barros also said Coris’ commitment in Cape Verde is to support financing for the economy broadly, including companies, individuals and the state, with an even stronger focus on structural projects aimed at transforming the Cape Verdean economy.
Other shareholders in BCA include the National Social Security Institute (INPS), with 12.54%, the insurer Garantia, part of the Fidelidade group, with 5.79%, and state-owned Airports and Air Safety company ASA, with 2.17%.
