Telecom

Cabo Verde Telecom to merge with subsidiaries on Jan 1, 2023

Thursday, 15 December 2022 18:52
Cabo Verde Telecom to merge with subsidiaries on Jan 1, 2023

(Ecofin Agency) - In April 2021, the Cabo Verdean government renewed incumbent operator Cabo Verde Telecom’s concession, giving it more operating power. The operator then embarked on a reorganization process to move into new segments as the traditional business segment was declining. 

Cabo Verdean incumbent operator Cabo Verde Telecom (CVTelecom) will merge with its subsidiaries CVMóvel and CVMultimedia on January 1, 2023. This will allow it to market fixed and mobile telecom services as well as on-demand Internet and TV services to bring more value to its clients and shareholders.

The merger plan was announced by board chairman João Domingos de Barros Correia in a letter sent to his partners on Tuesday 13 December.

The merger project was first disclosed, in September 2021,  in the company's 2020 financial report. It is part of a reorganization process that began after the Cabo Verdean government approved by decree (in April 2021) the changes to its electronic communications public service concession contract, allowing the operator to reorganize its operations as needed. 

"The merger of the CVTelecom Group of companies will allow the technological convergence of infrastructure, information systems and market offerings. This process will result in additional gains such as reduced time-to-market and improved competitiveness of the company and the sector, which are key and decisive factors for boosting the digital economy and the internationalization of companies," said João Domingos de Barros Correia.

The project will improve service quality and client experience. For the state-owned telecom company, this should ensure operational growth that will lead to higher financial revenues. According to the 2021 financial report, CVTelecom recorded a 36.5% growth in revenue in 2020 to Esc284 million (US$2.7 million). In the same year, the operator's sales increased by 7.9%.

Isaac K. Kassouwi





 
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