MGP sold 23% of Mota to Chinese

 In Companies, Construction, News

MGP, the holding controlled by the Mota family which owns the construction company Mota-Engil, netted €169.4 million from the sale of 23% of the company’s capital to the Chinese construction giant CCCC.

Almost a third of this value has already been used to buy the direct positions held by family members who thereby net €49.5 million directly.
The sale of 55 million shares, as has been reported, was done at €3.08 per share from which MGP netted €169.4 million.
And according to a communiqué from CMVM, the ‘holding’ bought a total of 16,078,590 Mota-Engil shares from various members of the family that own the company. These purchases were made at the same price agreed with CCCC (€3.08) so that family members would directly net €49.5 million.
This means that MGP used around one-third of the proceeds from the share sale to the Chinese to buy up shares held directly by various members of the family, a case in point being António Mota who is the chairman of the construction company.
Despite these sales, the members of the family still retain direct positions in Mota-Engil. After the transaction were made on Monday in a non-stock market operation, MGP now holds 40.09% of the capital (95,226,563).
Before the sale to the Chinese, the Mota family held around 65% of Mota-Engil capital.
Mota-Engil is one of the most prolific construction companies in the world with a portfolio of projects on three continents including Europe, Africa and Latin America, operating in 24 countries.