Hutchisaon Whampoa leads consortium that wants to invest in Nacala Corridor in Mozambique

9 July 2009

Maputo, Mozambique, 9 July – Hutchison Whampoa Ltd, of Hong Kong, is leading a consortium of three companies that plan to acquire a stake in Sociedade de Desenvolvimento do Corredor de Nacala (SDCN), according to weekly Magazine Independente in its edition published Wednesday.

According to the magazine, the consortium also includes South Africa’s Grindrod and a third company that was not named, but which is said to be headquartered in Abu Dhabi, United Arab Emirates.

The newspaper’s sources said that the deal was at an apparent stalemate, allegedly because the consortium planned to buy 100 percent of SDCN shares, an idea that has not been seen favourably by the Mozambican side.

“The consortium’s aim to buy all of the shares in SDCN, was not welcomed by the Mozambican side but negotiations are still underway,” a source said noting that “everything is still undecided.”

Meanwhile, Agostinho Langa, the executive director of SDCN told Macauhub that “the issue of the sale of shares as reported by the weekly is news.”

However, he said that “there is a plan, interests from various foreign business groups in buying shares in Sociedade de Desenvolvimento do Corredor de Nacala”.

“These groups have presented a proposal to buy shares in the ports of Maputo, Beira and Nacala, but as they wanted to buy everything we did not move ahead,” Langa told Macauhub. (macauhub)