Luso-Angolan group sells 5% of Galp Energia, holder of 10% of Area 4 LNG project in Mozambique

Login

Register

http://www.clubofmozambique.com/

Luso-Angolan group sells 5% of Galp Energia, holder of 10% of Area 4 LNG project in Mozambique

8:42 CAT | 21 Sep 2016

Jornal de Negócios (File photo) / Américo Amorim chairman of Amorim Energia and Galp Energia

The Amorim Energia BV group (AEBV) has sold to institutional investors 5% of the 38.34% stake it held in Galp Energia for 484.69 million euros, according to a statement released by the Portuguese Securities and Exchange Commission (CMVM).

The group is 55% controlled by Portuguese businessman Américo Amorim – through Power, Oil & Gas Investments BV (35%) and Amorim Investimentos Energéticos SGPS (20%) – and the remaining 45% by Angolan oil company Sonangol through Esperaza Holding BV.

With this sale, the Portuguese businessman has raised 266.75 million euros and Sonangol kept 218.25 million euros.

The settlement of the offer took place on Tuesday, 20 September 2016, with the delivery of shares and payment of the agreed price to Amorim Energia BV, the statement added.

The share of 5% that changed hands “is equivalent to the contribution directly acquired by AEBV group from Italian group ENI, in July 2012, with the aim of allowing that group to exit Galp’s shareholder structure, which resulted in strengthening the stake directly owned by Galp AEBV from 33.34% to 38.34%.”

The price per share in the deal was 11.69 euros, 5% below the closing price on Thursday of 12.305 euros, compared to 14.25 euros per share paid by the AEBV group in 2012.

Galp Eneria holds 10% of Area 4 Rovuma basin gas project, its activity in the country including the sale and distribution of lubricants and liquid fuel, filling, storage, distribution and sale of LPG in the LPG, retail and wholesale (direct clients and marine bunkers) segments. The company also has one LPG storage park in Mozambique where Galp’s retail network of more than 30 filling stations covers the whole country.

ENI group is the Rovuma basin Area 4 block operator with 50 percent and its partners are the China National Petroleum Corporation, with 20 percent, South Korean group Kogas, Portugal’s Galp Energia and the Mozambican state’s ENH, with 10 percent each.

Source: Macauhub / galpenergia.com