Efacec has eight interested parties in reprivatisation

  • ECO News
  • 6 December 2022

The deadline for submitting proposals to the Efacec reprivatisation process ended on Monday at 5pm.

There are eight interested parties in Efacec’s reprivatisation, both national and foreign, according to Parpública.

“Parpública received, within the established deadline, expressions of interest from eight national and foreign entities,” says the public entity’s statement. “Pre-selection carried out in the terms provided for in the Specifications attached to the Council of Ministers Resolution 107-A/2022, of November 21, the first phase will begin with a view to the presentation of binding proposals by the pre-selected potential interested parties,” the statement added.

Potential candidates for the company’s reprivatisation, which once belonged to Isabel dos Santos, had to send expressions of interest to Parpública by 5pm on Monday after the sale failed the DST group.

The delay between the end of the deadline and the result’s announcement of this new phase of reprivatisation is justified by the need to verify that the proposals received were in line with the defined requirements.

This new phase is justified because the sale to the DST group failed as “all the conditions for the concretisation” of the sale agreement were not met. The Executive announced the end of this chapter on October 28.

The new specifications, approved by the Council of Ministers on November 21, charged Parpública with adopting “restructuring measures” to keep the company running while a new reprivatisation process was initiated. Maintaining the operational value of the group is the goal.

The public entity, the main shareholder after Efacec’s nationalisation, should provide the companies with “the respective financial means under the information” that Parpública presented to the State. This information, however, was not shared with potentially interested parties in the reprivatisation process, as ECO reported.

According to the new specifications, the sale process will be shorter than only two phases are admitted, and not three as before.