Zon shareholders approve stake sale

1 Feb 2010

According to a report by local daily OJE, shareholders in Portuguese cableco Zon Multimedia voted Friday to approve the sale of over 14 million company shares to Kento Holding, which is owned by Isabelle dos Santos, daughter of Angolan president Jose Eduardo dos Santos. The stake, which equates to approximately 4.53% of company equity, was sold at a price of EUR5.3 (USD7.24) per share, valuing the stake at a total of EUR74.23 million. As reported by CommsUpdate on 21 December 2009, Kento plans to buy a total stake of 10% in Zon, purchasing an additional 2.5% from state-run Caixa Geral de Depositos bank and 3% from Cinveste. Zon plans to enter the Angolan market in 2010, via a satellite TV joint venture with Isabelle dos Santos’ Sociedade de Investimentos e Participacoes (SOCIP). Zon will hold a 30% stake in the operator, while SOCIP will hold the remainder.

Portugal, Nos