Sacyr Somague sells subsidiaries in Africa, Mozambique included, to Angola’s Griner for €33M

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Sacyr Somague sells subsidiaries in Africa, Mozambique included, to Angola’s Griner for €33M

9:38 CAT | 29 Oct 2020

FILE - Chairman and CEO of Sacyr and Chairman of Sacyr Concesiones. [File photo: ValenciaPlaza]

Spanish construction company Sacyr has announced that it has sold its three subsidiaries operating in Angola, Mozambique and Cabo Verde to Angolan group Griner, for 33 million euros, excluding debt, subject to regulatory approval.

“Sacyr has signed a purchase contract with Angolan group Griner for the sale of three subsidiaries: Sacyr Somague Angola, Sacyr Somague Mozambique and CVC Sacyr Somague Cabo Verde it said in a statement sent to Lusa on Monday.

“This operation is part of Sacyr’s strategy to reduce risk of operating in non-strategic markets and to focus its activity on the concession business in its reference markets,” which represents, “around 80% of the group’s EBITDA [earnings before interest, taxes, depreciation and amortisation],” the text adds.

Once the sale has been formalised, which still depends on the approval of the regulators, “Sacyr will provide technical support for the most complex projects underway, such as the Port of Nacala and the construction contract for area 1 of the LNG project in Mozambique and Port of Namibe in Angola, to ensure a fully satisfactory transition for customers.

Sacyr entered the construction business in the African market in general, and the Portuguese-speaking market in particular, through its Portuguese subsidiary, Sacyr Somague, which has several important projects in the three countries in terms of public works, such as ports, motorways and hospitals, as well as residential construction and sports facilities, the statement also noted.

Source: Lusa