Sale of stake in Mota-Engil’s operation in Angola to take place in next few weeks

20 September 2010

Cascais, Portugal, 20 Sept – The sale of a 49 percent stake in the Angolan subsidiary of Portuguese construction company Mota-Engil will take place within a few weeks, the group’s financial director said Thursday in Cascais.

Speaking to the Reuters news agency, Luís Silva also said that negotiations with the two main Angolan partners – state oil company Sonangol and Banco Privado Atlântico – were expected to be concluded within a few weeks, “with just some details left to agree upon.”

Last June, the Mota-Engil group announced it had set up Mota-Engil Angola, which would be 49 percent-owned by a local consortium that would mainly belong to Angolan state oil company Sonangol and Angolan bank, Banco Privado Atlântico (BPA), which will have stakes of 20 percent and 11 percent, respectively.

The document was signed by Mota-Engil and by Sonangol, BPA, Finicapital Investimentos e Gestão and Globalpactum – Gestão de Activos, and it was agreed that within a year Mota-Engil Angola would absorb the assets of the branch of Mota-Engil in Angola.

Silva said that the group would keep a 51 percent stake in its Angolan subsidiary.

The financial director of the Mota-Engil group noted that its stake in Portuguese engineering company Martifer was strategic and for that reason it would not be sold, putting aside the idea analysts have had that the company did not fit in with the group’s core business. (macauhub)