China Construction Group buys 7.5% stake in Lusoponte

22 June 2018

The China-Portugal Global Investment Company, a subsidiary of the China Construction group, signed a promissory agreement with Teixeira Duarte – Engenharia e Construções, a wholly-owned subsidiary of the Teixeira Duarte construction group, for the purchase of the 7.5% stake the group holds in Portuguese bridge manager Lusoponte.

The statement released on Thursday by the Teixeira Duarte group said that the price of é23.3 million was agreed for the Chinese group to acquire the stake in the company that holds the concession on the 25 de Abril and Vasco da Gama bridges, which link the two banks of the river Tagus in the Lisbon region.

The contract is also subject to authorizations and possible exercise of preemptive rights by the remaining shareholders – the Mota-Engil, Vinci and Atlantia groups – as soon as they are notified by Teixeira Duarte and know the price offered by the China Construction group.

The Mota-Engil group, which has 38% of the concession company, has shown interest in this asset, because of its potential appreciation due to the construction of Montijo airport.

Teixeira Duarte, which agreed with banks to sell assets worth 500 million to reduce liabilities, had already estimated this year to dispose of Lagoas Park, the 7.5% it has in Lusoponte and the 9% that it owns in the Auto-Estradas do Baixo Tejo motorway management company. (macauhub)