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Wed, 20 Oct 2010 19:34 - Updated Thu, 21 Oct 2010 10:17

Sonangol and BPA sign memo establishing Mota-Engil Angola


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Luanda - Angolan state owned oil company "Sonangol", the Banco Privado Atlântico (BPA) and the portuguese building contractor company Mota-Engil signed Tuesday a memorandum of understanding establishing Mota-Engil Angola.

The new building company is owned 51 per cent by Mota-Engil and 49 per cent by a consortium formed mostly by Sonangol (20 per cent) and BPA with 11 per cent.

Under the terms of the memo the new Mota-Engil Angola will integrate the assets of  the Mota -Engil branch in Angola in one year time and, in due time, 100 per cent of the shares of the portuguese company in this country will be transfered to Mota-Engil Angola.

Mota-Engil is a portuguese group leader in civil construction, public works, ports operations, waters, waste and logistics.