Banco Espirito Santo signs agreement to buy 25.1 percent of Mozambique’s Moza Banco

28 October 2010

Lisbon, Portugal, 28 Oct – Banco Espirito Santo has notified Portugal’s Securities Market Commission that it signed an agreement to acquire 25.1 percent of Moza Banco de Moçambique on Tuesday in Lisbon.

The deal represents an investment of 7.1 million euros for the Portuguese financial institution. Moçambique Capitais will cede 0.6 of the 25.1 percent, with the rest sold by the Geocapital investment company of Macau gaming magnate Stanley Ho and Portuguese entrepreneur Jorge Ferro Ribeiro.

In the wake of the agreement, Banco Espirito Santo will underwrite an increase of Moza Banco’s capital, raising its overall investment to 8.1 million euros.

In the notification sent to the Securities Market Commission, BES indicated that the operation’s value “is subject to eventual price adjustments, depending on a full financial audit to be carried out after the operation is closed and on Moza Banco’s net results in 2010”. (macauhub)