NEF acquires 77.97% of CETA and all of Britanor in management buyout operation – Mozambique

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NEF acquires 77.97% of CETA and all of Britanor in management buyout operation – Mozambique

7:40 CAT | 03 Oct 2016

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The NEF – Investimentos e Gestão de Participações Sociais (SA) [Investments and Shareholdings Management (SA)] acquired 77.97 percent of the share capital of CETA – Engineering and Construction SA, through an operation conducted through the Mozambique Stock Exchange last Friday, September 30, Noticias reports today.

This operation became a reality following the favourable resolution of the Extraordinary General Meeting of CETA – Engenharia e Construção on the sale of all the shares, previously held by the Insitec Group.

In addition, the NEF Group also acquired from Insitec, all (100%) of Britanor’s social capital, having been initiated a process of restructuring and “rebranding” of the company.

As a result of this process, Britanor will be called Ribemoz – Betão Pronto e Pedreiras SA [Ribemoz -Ready Concrete and Quarries SA].

A statement received in our wording states that the operation of purchase by the NEF Group was analysed, evaluated and financed by Millennium BIM through its investment banking unit that provided the technical and financial support for its materialisation.

These acquisitions have been made through a MBO – Management Buyout, where a group of top managers of the company, led by Nelson Muianga (chairman of NEF Group) presented a value proposition to the Insitec Group for the acquisition of the construction ‘cluster’, comprising CETA and Britanor.

This business decision of NEF, a group fully made by Mozambicans intends to, in addition to the shares already acquired, over time expand the building ‘cluster’, creating more business units, thus strengthening the integration of operations.

The vision of NEF shareholders Nelson Muianga, Eugénio Abu-Bacar (current CEO of CETA) and Fulgencio Matlombe (current CEO of Britanor) is to build a solid business project, technically and economically able to meet the challenges of infrastructure construction in Mozambique.

Source: Noticias