China Communications Construction Company (CCCC) has bought 23% of Portugal´s biggest construction company, Mota-Engil, that has a significant presence in Africa and South America.
According to a statement released on Monday, as a result of the agreement with CCCC, the holding company of the Mota family in Mota-Engil has closed the sale of 55 million shares at 3.08 euros per share.
Mota Gestão e Participações (MGP) thus reduced its position in Mota-Engil to 40.09%.
Last year Mota-Engil announced that it had concluded the strategic and investment partnership agreement with CCCC for the entry of the new shareholder in the group’s capital.
This resulted in the deal to buy 55 million shares (about 23%) at the price of 3.08 euros per share, in an investment of 169.4 million euros.
In January of this year, the shareholders of Mota-Engil gave the board the green light to decide on a capital increase of 100 million euros.
The capital increase, which will allow the entry of CCCC into the Portuguese construction company, started this Monday and runs until May 25.
