Portugal’s investment agency buys into Visabeira group

4 January 2006

Lisbon, Portugal, 4 Jan – Portugal’s API investment agency is to purchase a 5.9% share in the Visabeira group, which operates various tourism and communications companies in Angola and Mozambique, media have reported.

Lisbon business daily Diario Economico said Tuesday that the API (Portuguese Investment Agency) will pay 10 million euros for its stake in Visabeira.

The Portuguese group is currently developing a number of tourism and hotel projects in Mozambique, where it originally began telecommunication and cable television businesses.

In Angola, Visabeira is working with incumbent phone operator Angola Telecom to provide internet and cable television services, in addition to its own construction and real estate ventures.

The group, which is expected to turn over 360 million euros in 2005, comprises nearly 50 companies spread across the telecoms, construction, industry, property, tourism and services sectors. (macauhub)