"Sacyr signed a purchase and sale agreement with the Angolan group Griner for the sale of three subsidiaries: Sacyr Somague Angola, Sacyr Somague Moçambique and CVC Sacyr Somague in Cape Verde", reads a statement sent to Lusa.
"This operation is part of Sacyr's strategy of reducing construction risk in non-strategic markets and placing the focus of its activity on the concessions business in its reference markets", which represents "around 80 percent of EBITDA [profits before interest, taxes, depreciation and amortization] of the group ", the text adds.
After the sale is formalized, which still depends on the approval of the regulators, "Sacyr will provide technical support to the more complex projects underway, such as the Port of Nacala and the civil construction contract for area 1 of the LNG project in Mozambique, or the DMUs and the port of Namibe in Angola, to ensure a fully satisfactory transition for customers ".
Sacyr entered the construction activity in the African market, in general, and Lusophone in particular, through its Portuguese subsidiary, Sacyr Somague, which has several important projects in the three countries in terms of public works, such as ports, motorways and hospitals, as well as residential buildings and sports facilities, the statement said.
