Lisbon, 09 Aug – The Portuguese construction company Soares da Costa plans to disperse on the stock market part of the share capital of its Angolan subsidiary, the biggest of its various foreign branch operations, a Portuguese daily reported Wednesday.
The terms of the disperson on Angola’s new Stock and Derivatives Exchange are still being determined and up to 49 percent of the share capital may be disposed of, Soares da Costa executive director António Frada told the Jornal de Negócios.
The dispersion “is naturally on the horizon of Soares da Costa. It would make no sense for the company to hold 100 percent of the Angolan branch once a capital market exists in the country,” he added.
The Angolan exchange should be launched in October. Operators are currently being trained and the technological platform implemented.
The capital dispersion means the Angolan branch will become a company under local law.
Last year Soares da Costa invoiced 137 million euros (US$176 million) in Angola. Growth of around 23 million euros (US$30 million) is forecast for this year.
This figure corresponds to two thirds of the construction firm’s external market invoicing and a quarter of total business volume. (macauhub)