dos Santos raises Zon stake to 28.8% following CGD stake acquisition

6 Jul 2012

Angolan businesswoman Isabel dos Santos has raised her stake in Portuguese cableco Zon Multimedia to 28.8% the company has announced, indicating that her Amsterdam-based holding company Jadeium has acquired the 10.96% stake in Zon previously held by financial institution Caixa Geral de Depositos (CGD). The transaction means that do Santos, the daughter of Angola’s president Jose Eduardo dos Santos, now holds the two largest stakes in Zon, through Jadeium (18.80%) and Kento Holding (10.00%). Prominent fellow shareholders include Banco BPI (7.55%), Espirito Santo Irmaos (5.00%) and Banco Espirito Santo (4.98%).

As previously reported by TeleGeography’s Comms Update, 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 investors such as dos Santos to raise their stakes in the company. On 9 May 2012 Kento Holding acquired Telefonica’s 5% stake in Zon for EUR2.5 (USD3.2) per share, or EUR38 million, before going on to acquire the 2.82% holding belonging to Portugal’s Cinveste group in mid-June.

Portugal, Nos