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Sovereign Wealth Funds Briefing - Categorized | Market

Dakar to nationalize Senegal Airlines

Posted on 30 March 2015

Senegal Airlines (DN, Dakar) will be nationalized in a bid to stave off its imminent collapse the Senegalese government has announced. Amadou Hott, the CEO of the country’s sovereign wealth fund, told Bloomberg news in an interview that a new holding company will be established with government converting the debt it holds to equity in the new entity.
The airline, whose debt now stands at XOF45 billion (USD75 million), is owned by the Senegalese government (36%) and a consortium of local interests - Groupement National des Privés du Sénégal, Groupements de Prestataires Aéroportuaires and Fédération des Assureurs du Sénégal - with 64%. Hott said that once the airline’s finances have been stabilized, Dakar intends to sell a 49% stake off to a strategic investor with the remaining 51% to be owned by both the Senegalese government through the sovereign wealth fund as well as local investors………………………………………..Full Article: Source


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