Haitong Bank coordinates sale of shares of Portuguese power grid company REN

6 November 2015

Portuguese investment bank Caixa Banco de Investimento and Haitong Bank, formerly Banco Espírito Santo de Investimento, will coordinate the private placement focused on institutional investors of 5 percent of the share capital of Portuguese power grid company Redes Energéticas Nacionais (REN), announced Novo Banco.

The shares are held by Oliren, a company owned by the Oliveira family which founded textile company Riopele and is one of the Portuguese shareholders of REN. Following this operation Oliren will no longer be a shareholder.

The 5-percent stake, or 26.7 million shares will be sold by Novo Banco, the Portuguese bank that inherited the healthy assets of the bankrupt Banco Espírito Santo, under a contract that gives the Novo Banco “power to sell.”

Oliren took a stake in REN at the en of 2006 along with two other Portuguese groups, Gestmin owned by Manuel Champalimaud and company owned by Filipe de Botton, owner of Logoplaste, each buying a 5 percent stake from EDP, totalling 15 percent.

Botton no longer has a stake of over 2 percent in REN, after the entrepreneur considered that the investment was no longer strategic.

REN’s main shareholders are China State Grid Group, with 25 percent, Oman Oil (15 percent), Gestmin SGPS (5.9 percent) and insurance group Fidelidade (5.3 percent), also formerly part of the Espírito Santo group and sold to China’s Fosun. (macauhub/CN/ PT)