Two groups from China interested in portuguese engineering company

18 December 2017

Two Chinese groups are interested in buying a stake in Portuguese construction and dam-building consultancy COBA, controlled by Angolan consortium Primagest led by oil company Sonangol, Portuguese weekly newspaper Expresso reported.

The newspaper also said that Norway’s NorConsult will be among the candidates for the 70% stake that the Primagest consortium owns in COBA, with the rest being dispersed among the founders of the company, which was founded in 1962.

A source from the group confirmed there had been interest shown by “reputed world-wide operators in the engineering sector, with the clear aim of taking a stake in its capital.”

In 2016 the COBA group posted turnover of some €40 million euros and profit of €6 million (€2.6 million in 2015), with most of the revenue coming from emerging markets in Africa and Latin America, including Angola, Algeria, Colombia and Peru.

The weekly newspaper also reported that in addition to the China Three Gorges group, through a subsidiary for the area of ​​studies and projects, the China Design Group is another interested party.

The COBA group was launched in 2011, after Angolan investors took a 50% stake, a reorganisation process that boosted its international vocation and improved the profitability of the business in its main markets. (macauhub)