Portuguese group Espírito Santo sells 24 percent of BES Angola

11 December 2009

Lisbon, Portugal, 11 Dec – Portuguese bank Banco Espírito Santo (BES) said Thursday in Lisbon that it had sold 24 percent of Angolan bank, BES Angola (BESA) to Angola’s Portmill, Investimentos e Telecomunicações for 254.2 million euros.

“BES, on this day, sold to Portmill, Investimentos e Telecomunicações, an Angolan institutional investor, 24 percent of the capital of BES Angola, for US$375 million (approximately 254.2 million euros)” BES said in a regulatory filing, with Portuguese market regulator CMVM.

Following this operation, which values the Angolan bank at over 1 billion euros, BES now has a 51.94 percent staked in BESA.

The capital of BESA was no longer solely in the hands of the Portuguese financial group, which had previously sold 20 percent to Angolan investors and 5 percent to the bank’s management team, which are added to the 24 percent now sold.

In the same statement, BES also said that on 27 November the Angolan bank had paid out extraordinary dividends in the amount of 122.7 million euros.

It also said that the shareholders of BESA had approved, at a general meeting on 9 November, a capital increase from US$10.053 million (6.8 million euros) to US$170.53 million (115.6 million euros), which was entirely subscribed, in cash, by those shareholders on 7 December.

BES Angola ended the third quarter of the year with net profit of 99.6 million euros, a year on year rise of 66 percent. the bank currently has 31 branches in Angola, 21 of which are in Luanda. (macauhub)

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