Angolan businessman António Mosquito takes controlling stake of Portuguese construction company Soares da Costa

27 November 2013

Angolan businessman António Mosquito is set to own 66.7 percent of Portuguese construction company Soares da Costa Construções under the terms of an agreement reached with Manuel Fino, the businessman who currently owns 100 percent of the company.

According to a statement sent by the Soares da Costa group to Portuguese market regulator Comissão do Mercado de Valores Mobiliários (CMVM) a deal was signed Tuesday, “with GAM Holdings, a Luxembourg-based company, entirely owned by Mr. António Mosquito,” to carry out a capital increase of 70 million euros in the Soares da Costa construction company.

This investment of 70 million euros will be entirely subscribed in cash by the Angolan businessman, after which Mosquito will own 66.7 percent of the company and the remaining 33.3 percent will remain with Fino.

GAM is the stake-holding company of the António Mosquito group, a business group with interests in a number of sectors ranging from construction, real estate, mines, oil exploration to vehicle imports.

As well as totally subscribing this capital increase in Soares da Costa, the agreement also sets up a shareholders’ agreement between the Soares da Costa group, headed up by Manuel Fino, and António Mosquito “in relation to Soares da Costa – Construção, SGPS, SA and which establishes the terms of the strategic partnership between the two signatories.”

This agreement proposal was announced to the market on 13 August, and was approved by the Soares da Costa general meeting on 23 September. (macauhub)