TAP’s privatisation process initiated

The Council of Ministers approved the Decree-Law that initiates the process to privatise TAP where it intends to sell 49.9% of the company’s share capital in a first phase, announced Prime Minister Luís Montenegro in a statement made during the meeting in Lisbon.

Luís Montenegro stressed that with this approval, "we are fulfilling a point that was in our electoral programme and Government programme". This decision will "be developed in due time by presenting the specifications", which will fall under the Ministers of Finances and Infrastructure and Housing.

The aim of this reprivatisation is to safeguard the "most strategic" routes for Portugal and "the country’s strategic interest", as well as "offering sustainability to the" Portuguese airline’s operation.

"This is a goal we wish to ensure our airline safeguards the Lisbon hub, safeguards making the most of the country’s airport infrastructure namely Humberto Delgado airport today and tomorrow Luís de Camões (Lisbon’s new airport), but also Porto and Faro airports, and the ones in the autonomous regions", he claimed.

The Prime Minister stated that "we must make the most of the investments made in all airports, our road network, our rail network, so that people can move around, but also so that our companies can be more competitive, so that our tourism has even better results".

"We have already spent a lot of money that was not reflected on the lives of the Portuguese men and women. We do not want to continue throwing money into a bottomless pit, we want the airline to be profitable, well managed, framed within a competitive framework, to be financially sustainable and at the service of the country’s strategic interest", he said.

The decision "involves opening the share capital to one investor, or more, up to 44.9% of the company’s stock and 5% for the workers, as set in the Law on Privatisations. the 44.9% will be direct sell to the buyer who best guarantees the requirements demanded by the Government.