Portuguese holding Rioforte wants to expand activities in Brazil

25 January 2010

Lisbon, Portugal, 25 Jan – Portuguese holding company Rioforte, of the Espírito santo group, plans to expand its activities in Brazil and is studying new projects in the energy sector, the chairman of Rioforte told Portuguese weekly newspaper Expresso.

“In Brazil we will continue in the areas of real estate, tourism and agriculture and we are studying new projects in the energy sector,” said Manuel Espírito Santo.

Created in September 2009, Rioforte includes most of the companies that made up Espírito Santo Resources, and currently has assets of 3.5 billion euros.

The holding includes shreholdings in the construction sector (Opway), tourism (Hotéis Tivoli and TOP Atlântico), real estate (Espart and Property Brand), health (minority share of ES Saúde) and Agri-livestock (including Herdade da Comporta and several facilities in Brazil and Paraguay).

After ending 2009 with a turnover of close to 900 million euros, the group is expected to invest over 2.7 billion euros by 2015.

Manuel Espírito Santo noted that his company would focus its activities on Portugal, Angola and Brazil, and planned to double its turnover within five years. (macauhub)