Portuguese diamond mining company in Angola will be closed

17 February 2017

Sociedade Portuguesa de Empreendimentos (SPE), which held interests in diamond concessions in Angola, will be shut down after distributing 77 million euros among shareholders for the year 2016, Portuguese state stakeholding company Parpública said in a statement issued in Lisbon.

The Portuguese State, through Parpública, is the largest shareholder with 81.14% of SPE, but there are more than 4,000 small private shareholders who will receive the equivalent of 14.5 million euros.

SPE’s results in 2016 were, according to the statement, a result of the implementation of the agreement reached with Angolan state diamond company Endiama, which ended years of stalemate in the clash that characterised the relationship between the two companies.

The agreement was carried out in 2016 through the sale of SPE’s stake – 49% – in Sociedade Mineira do Lucapa to its Angolan shareholder, Endiama, which provided a cash inflow of 121 million euros.

Parpública also said the operation, conducted with the support of the governments of Portugal and Angola, “made it possible to write off the entire debt of the SPE to banks, determine profits, and create conditions for the general meeting held on Wednesday to approve the distribution of over 77 million euros to more than 4,000 shareholders.” (macauhub)