Isabel dos Santos expected to move for CGD, BES Zon stakes

15 May 2012

Angolan investor Isabel dos Santos, the daughter of the country’s president Jose Eduardo dos Santos, is expected to increase her 15.46% stake in Portuguese cableco Zon Multimedia, with rumoured approaches for the shareholdings currently held by financial institutions Caixa Geral de Depositos (CGD) and Banco Espirito Santo (BES); the two banks have previously been prompted to sell assets to raise capital ratios under Portugal’s bailout programme. As reported by TeleGeography’s CommsUpdate last week, do Santos became the cableco’s largest shareholder after acquiring the 5.46% stake held by Spain’s Telefonica through her Kento Holding investment arm, to up her holding from 10%.

In January 2012 Zon shareholders voted their approval of a plan to lift voting rights beyond the existing 10% limit, paving the way for existing shareholders such as dos Santos to raise their stakes in the company. A number of Angolan companies and investors have taken steps to increase their stakes in prominent Portuguese companies in recent months, after the cash-strapped nation became the third euro-zone country to request a bailout from the European Union (EU) and the International Monetary Fund (IMF) in 2011.

Portugal, Nos