Parpública to inject €150M into Efacec

 In Asset and Fund Management, Companies, News

The umbrella company that controls Portugal’s public companies, Parpública, is to inject a further €150 million in the recently privatised electrical and transportation systems company Efacec.

The country’s development bank, Banco de Fomento, is to buy €35 million of the convertible bonds that Efacec, now owned by German asset management company Mutares, will issue.
The purchase will be made through the Capitalisation and Resilience Fund with the bonds maturing in six years.
The actual contract for the sale to Mutares was signed on Tuesday (Oct 31), but for the completion of the operation the government has to inject a further €150 million from Parpública into Efacec.
An additional sum of €35 million in convertible bonds will also be added, which Efacec will issue and the Banco de Fomento will buy.
The signature on the reprivatisation contract for Efacec, whose important shareholder had been Angolan tycoon and Luanda leaks defendant, Isabel dos Santos, finally draws a line under the resale process that has dragged on since July 2, 2020.