‘No way’ José de Mello group will keep Efacec stake

  • Lusa
  • 8 June 2022

The company revealed on Tuesday that "it is out of the question" to keep Efacec if there are problems in the company's privatisation process.

The chief executive of José de Mello said on Tuesday that “it is out of the question” for the group to keep Efacec if there are problems in the company’s privatisation process.

“It is out of the question,” Salvador de Mello said in a conversation with journalists.

The manager said the group is “awaiting the outcome of the privatisation process” of Efacec. It currently holds a 14% stake, and he has no information on how that process is going.

“We don’t know the contours. We have no information. The state is a majority shareholder and is managing a process that will lead to an outcome,” he said.

Salvador de Mello did not want to comment further on the choice of DST to buy Efacec, stating that it was up to the state to evaluate the interested parties.

“If it concluded with DST, it is because it considers that it is a shareholder capable of developing Efacec,” he said.

However, he guaranteed that keeping Efacec “is out of the question.”

In May, in parliament, Economy Minister António Costa Silva said he expected the sale of Efacec (engineering and systems company) to Portugal’s DST SGPS to be completed by the end of June.

Parpública announced in March it had signed an agreement for the direct sale of a 71.73% stake in Efacec with DST.

Meanwhile, the Competition Authority (AdC) adopted a “non-opposition” decision on purchasing Efacec Power Solutions by the DST group, according to information released by the regulator on its website on May 18.

Efacec was nationalised in August 2020, after the forced departure of the then-largest shareholder, Angolan businesswoman Isabel do Santos, following legal proceedings related to the “Luanda Leaks” revelations.