DST and Sing submit binding offer for the reprivatisation of Efacec

Parpública announced this Wednesday that it has received two proposals for the reprivatisation of Efacec, from DST SGPS and Sing – Investimentos Globais, according to a statement published on the group’s website. This is the confirmation of the news first reported by ECO.

“Following the Reprivatisation Process of 71.73% of the share capital of Efacec Power Solutions, SGPS, S. A., Parpública – Participações Públicas (SGPS), S.A. informs that it received, within the deadline established, i.e. by 13:00 last July 19, two binding proposals from the entities DST – SGPS, S. A. and Sing – Investimentos Globais, SGPS, S. A., which will be analysed under the terms and for the purposes of the provisions of the Resolution of the Council of Ministers no. 113/2020, of December 21,” the same statement said.

On June 29, the minister of economy, Pedro Siza Vieira, said it is necessary to wait until July 19 to know how many proposals are submitted for the purchase of Efacec Power Solutions, refusing to comment on the possible withdrawal of foreign investors. As ECO revealed, Egyptian, Chinese and Spanish investors dropped out of the process, leaving only the Portuguese Dst and Sing – Investimentos Globais, which is now confirmed.

With headquarters in Braga and around 1,600 employees, the DST Group is present in several countries, from Africa to Europe, including the American and Asian continents, with international projects in the fields of engineering and construction, renewable energies and the environment.

The other Portuguese candidate for the reprivatisation of Efacec is Sing – Investimentos Globais, SGPS, S.A., Sodecia’s holding company, involved in automotive components.

Founded in 1980 and headquartered in Maia, Sodecia employs around 7,000 people and offers complete solutions for automobiles, from bodywork to motorisation and safety systems.

The Portuguese multinational is present in 16 countries, with a portfolio of fifty companies in 44 locations, three product competence centres and an annual turnover of around €760 million.

On May 14 a resolution was published in the Official Gazette selecting five potential bidders, already announced by the government, to submit non-binding bids: Chint Group Corporation, DST, Elsewedy Electric Corporation, Iberdrola and Sing – Global Investments.

In mid-2020, before it was nationalised, Efacec announced it had received “around a dozen” non-binding proposals from industrial groups and investment funds, both national and international, to buy Isabel dos Santos’ capital in the company after the “Luanda Leaks” controversy.