Construction company Soares da Costa moves from Portugal to Angola

9 June 2015

Angola will become the “strategic centre” of the Soares da Costa Construções, SGPS Group and Africa will become the Portuguese group’s “primary market”, according to a decision of the shareholders published Monday in Luanda.

Shareholders who “decided to undertake restructuring of the corporate boards” and appointed Joaquim Fotas as the new president of the executive committee and kept the Angolan businessman António Mosquito as chairman of the board of directors, as well as approving a guideline that involves winning new engineering contracts and reducing costs.

Soares da Costa, which was one of the major construction companies in Portugal, has said that Mozambique “will also become as a reference” for the group, according to the statement cited by Portuguese news agency Lusa.

According to information provided by the construction group, Joaquim Fitas was previously a director of Angolan construction company Omatapalo, and has “significant experience in the water sector.”

He was also chairman of water company Águas de Angola, was a director of Mozambican water company Águas de Moçambique and was a board member of Lisbon water company EPAL.

In Portugal, the company is involved in a collective redundancy process for 272 workers who have not been working for “many months”.

At one time Soares da Costa had 100 construction projects underway simultaneously in Portugal, but now has just three (one in Porto, one in Coimbra and a third in Lisbon), according to the president of the Construction Union, Albano Ribeiro. (macauhub/AO/PT)