Controlling stake by businessman António Mosquito in construction group Soares da Costa approved

24 September 2013

The contract giving Angolan businessman António Mosquito a controlling stake in Portuguese construction company Soares da Costa Construção SGPS is due to be signed in the next few days, said the chief executive of Soares da Costa.

At the end of the extraordinary general meeting that unanimously approved the Angolan businessman’s involvement in Soares da Costa Construção SGPS, the group’s chief executive, António Castro Henriques, said that the group had already received a bank guarantee of 70 million euros.

“The delivery of the bank guarantee, guarantees payment of the investment obligation taken on by the businessman,” said Castro Henriques, who added that the contract between the two parties would be signed in the next few days.

The agreement, which was communicated to the market on 19 August, stipulates that Soares da Costa Construção SGPS will continue to control the Angolan subsidiary, which, at the end of June, accounted for almost half the group’s construction portfolio – 525 million euros of a total 1.1 million euros.

In the first six months of the year, when the company posted a loss of 9 million euros, compared to 14 million euros in the same period of 2012, Angola was the Portuguese group’s main international market. (macauhub)