Angolan state owns 26 pct of Efacec Power Solutions

8 September 2015

The Angolan State holds 26 percent of Efacec Power Solutions after the President authorised the National Electricity Distribution Company (ENDE) to buy 40 percent of Winterfell Industries, the Portuguese press reported.

Winterfell Industries, a company led by Isabel dos Santos, bought a 65 percent stake in Portugal’s Efacec Power Solutions from major shareholders the José de Mello and Têxtil Manuel Gonçalves groups, for 200 million euros.

A statement issued at the time showed that Winterfell was already majority-owned by Isabel dos Santos and also “owned by ENDE,” but did not specify what percentage of capital belonged to the Angolan public company.

The authorisation from José Eduardo dos Santos consists of an order of 18 August, cited by Lusa, justifying the purchase by state company ENDE based on the “need to carry out strategic investments to strengthen the operating capacity of the Angolan public business sector,” in the area of energy.

Winterfell’s activities before this acquisition or the cost of buying 40 percent of the share capital by ENDE have not been made public, as required by an order signed by José Eduardo dos Santos, which entered into force on 18 August. (macauhub/AO/PT)