Mota-Engil signs partnership contract to set up company in Angola

25 February 2010

Lisbon, Portugal, 25 Feb – Portugal’s Mota-Engil group has announced the signing of a partnership contract to create Mota-Engil Angola, a company under Angolan law in which the Portuguese construction group will hold 51 percent and an Angolan consortium the remaining 49 percent.

In the Wednesday announcement sent to Portugal’s CMVM market regulator, Mota-Engil indicated that the Angolan consortium comprised Sonangol, Banco Privado do Atlantico (BPA), Finicapital-Investimentos e Gestao and Globalpactum-Gestao de Activos.

Operations to substantiate the transaction will be carried out this year, Mota-Engil stated, adding that the process of evaluating the group assets and participations included in the operation is now under way.

The company indicated that the reference value resulting from a first assessment agreed on by the parties is US$325 million.

The new company “will carry out in Angola a significant part of the activity carried out to date by Mota-Engil Engenharia e Construçao, through its branch which will meanwhile be maintained.”

Mota-Engil Angola will focus on the “activity of construction and public and private works, as well as any other industrial and related activities,” the company adds in the announcement.

Mota-Engil had announced last 16 June the signing of a note of understanding to set up a company under Angolan Law, Mota-Engil Angola, with the Angolan consortium.