China Three Gorges is “pleased” with António Mexia’s leadership in EDP

  • ECO News
  • 10 October 2017

The largest shareholder of EDP says it is "pleased" with António Mexia's leadership on the electricity company, underlining that they are not involved in "any kind of discussion".

EDP’s largest shareholder, China Three Gorges (CTG), assured this Tuesday they are “pleased” with EDP’s current administration, headed by António Mexia, and said they are not involved “in any kind of discussion” about changing the company’s bodies. “CTG is not involved in any kind of discussion, with any party, about the possibility of changing the corporate bodies relevant to EDP in the upcoming mandate”, the Chinese company stated in a press release sent to news agency Lusa in Beijing.

After increasing its equity in EDP to 23.3% after a 208 million euros’ investment last week, the Chinese group sent this press release as a reaction to the news disclosed by Expresso that CTG wanted to replace António Mexia as EDP’s CEO (pointing to Francisco Lacerda, CTT’s CEO, as a front runner for the position).

"CTG is not involved in any kind of discussion, with any party, about the possibility of changing the corporate bodies relevant to EDP in the upcoming mandate. ”

China Three Gorges

In the press release, the Chinese state-owned group assures they are “pleased” with EDP’s performance, “in spite of the challenges” faced in the sector. “CTG fully supports the success trajectory of EDP’s management team, which has been able to maintain a stable performance, in light of an unfavorable context both within the sector and at a macro level“, the note discloses.

The group further justifies the decision of increasing their equity on EDP, for the first time since the company became private, because they believe in the “good business outlook” and “strategic benefits in the long term for CTG and EDP”. The Chinese group further states: “This, along with our belief that the law and contracts have been fully respected, were the main drivers of CTG’s recent decision”.

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