Portugal’s REN concludes acquisition of 7.5 percent of Mozambique’s Cahora Bassa Hydroelectric dam

4 July 2012

Portuguese power grid group REN – Redes Energéticas Nacionais Tuesday concluded its acquisition of 7.5 percent of the capital of Mozambique’s Cahora Bassa Hydroelectric dam (HCB) from Portuguese state stake-holding company Parpública, as part of an agreement signed on 9 April, the company said in a statement issued in Lisbon.

REN paid 38.4 million euros for the stake, and the deal was subject to certain conditions such as an HCB general meeting authorising the transfer of the shares representing 7.5 percent of HCB to REN.

“After all conditions outlined in the contract were met, shares worth 7.5 percent of HCB’s capital were transferred on this date to REN, thus making it the holder of those shares,” REN said in the statement.

As well as the 7.5 percent that it sold to REN, Parpública – Participações Públicas also sold the remaining 7.5 percent of HCB that it owned. (macauhub)

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