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Portuguese TAP privatisation immediate cash injection of €325m

Portuguese TAP privatisation immediate cash injection of €325m

LISBON: One proposal for the privatisation of the Portuguese flagship carrier TAP promises immediate cash injection of €325 million, according to business magnate Miguel Pais do Amaral, when describing the bid made by the consortium he leads.

In a statement on Tuesday, Pais do Amaral said his consortium named Quifel featured “large scale international financial investors with high levels of experience in the aviation sector” and had submitted one of the three binding proposals for up to 66% of the airline company.

“The Quifel proposal stands out in financial terms due to the commitment to make an immediate cash contribution of €325 million in order to recapitalise TAP and provide some much needed financial flexibility to the company so it may implement its ambitious strategic plan, especially the renewal of its fleet and expanding its network,” Pais do Amaral said by statement. The statement said this flotation would see between 5% and 10% of TAP’s capital reserved for company employees.