Angolan businessman to buy 66.7 pct of Portuguese construction company Soares da Costa Construções

15 August 2013

Angolan businessman António Mosquito is set to inject 70 million euros into Portuguese construction company Soares da Costa Construções thus becoming its biggest shareholder with a total of 66.7 percent, the Portuguese press reported Thursday.

Holding company Soares da Costa SGPS will dilute its position in the subsidiary company to 33.3 percent.

According to information published by Portuguese stock market regulator CMVM the operation is intended to maintain the company’s financial stability, create synergies and “boost the presence of Soares da Costa Construção and its subsidiaries in the construction sector, achieving a leadership position in the markets where it operates,” namely in Angola.

The deal is part of the restructuring plan of the group’s bank debt, valued at 228 million euros.

Angola is Soares da Costa’s main market. In 2012 Angola accounted for 44.1 percent of the group’s total turnover, reaching 353.5 million euros (8 percent more than in the previous year).

Angolan businessman António Mosquito owns CCL – Construção Civil, has partnered Portuguese company Teixeira Duarte and Brazil’s Odebrecht, owns 12 percent of Angolan bank Caixa Geral Totta de Angola, and is a shareholder of Novabase in Angola. As well as having stakes in another three banks, he is the importer of Audi and Volkswagen cars into Angola and has invested in the oil sector through Falcon Oil. (macauhub)