CGD sells Inapa stake to Portuguese State for €15.8 million

Portugal’s state-run bank Caixa Geral de Depósitos (CGD) has sold its entire stake in Inapa – a paper distribution company — for €15.8 million.

The announcement was made on Monday in a communiqué sent to the financial markets regulator CMVM. The position sold represented 33.01% of Inapa’s capital.

In all, around 148.8 million preferential non-voting rights shares were sold, representing 49.47% of all the company’s preferential shares and 33.01% of the company’s capital.

CGD explains in the same communiqué that the transaction is worth €15.8 million which will mean “that CGD will put the sale down as an “unrealised loss” of €600,000 against the company’s assets for 2018.”

The paper company will remain in the public sphere and managed by state company Parpública. Inapa’s capital is divided into ordinary shares (32% Parpública), 10% to BCP (a private bank) and 13% in Nova Expressão – an advertising and research company).

The bulk of Inapa’s shares belonged to CGD and now will be owned by the state, followed by BCP (40.4%), Novo Banco (9.2%) and Nova Expressão (0.44%).

Inapa Portugal is a leader in the paper distribution sector in Portugal with over 8,500 batches of stock representing hundreds of tonnes of paper distributed daily. Held by Inapa IPG, it was founded in 1965 and listed on the Lisbon stock exchange since 1980 and has branches in nine countries: Portugal, Spain, Germany, France, Switzerland, Belgium, Luxembourg, Angola and Turkey.