Efacec could cost government €80 million

The cost for the government of selling the State-owned electrical systems company Efacec could amount to €80 million.

This is according to the parliamentary group PAN (People, Animals and Nature) which is full of doubts about the third phase of the company’s privatisation which has two Portuguese companies in the running – DST and Sing but will have to improve their offers.
A total of 71.73% of Efacec’s capital share had belonged to the Angolan millionaire business woman Isabel dos Santos but was frozen over the Luanda leaks revelations at the start of 2020. Compensation might also have to be paid to the tycoon.
Drawing on an audit commissioned by the potential buyers, PAN reminded parliament that the company had a net debt of around €170 million, a EBITDA in 2020 of €-60 million and an operational result of €-25 million for 2021.
“These figures are worrying, not just because they reveal numbers (debts) that are three times those reported by Efacec in its financial report for 2020 (which stated an EBITDA of €-20 million) but also because it means that in addition to the €70 million public guarantee, the privatisation of Efacec will require the State to pay an additional €80 million to the buyer.