Zon sells 10% stake, plans to launch Angola operation

21 Dec 2009

Portuguese cable operator Zon Multimedia has announced the sale of a 10% stake in the company to Kento Holding, a Malta-registered company owned by Isabelle Dos Santos, the daughter of the President of Angola, Reuters reports. Zon is selling 4.53% in shares it had bought back in the market, while state-run Caixa Geral de Depositos bank will sell a 2.5% stake and Cinveste will offload around 3%. Kento Holding will pay around EUR164 million (USD235 million) for the stake, or approximately EUR5.3 per share. Zon said its expansion into Angola, a former Portuguese colony where the economy continues to grow despite the global recession, will be done via a 30% stake in a satellite TV provider. The remaining 70% will be owned by Sociedade de Investimentos e Participacoes (SOCIP), which is wholly-owned by Isabelle Dos Santos.

Angola, Portugal, Nos