Mota-Engil Africa to seek Dutch listing
18 November 2014
Portuguese contractor Mota-Engil has announced plans to list shares in its subsidiary Mota-Engil Africa on the Amsterdam Euronext exchange. Earlier in the year the company had started the process of listing on the London Stock Exchange by way of an initial public offering (IPO) of shares, but this was abandoned, “due to the deterioration in market conditions.”
The company said it would not issue any new equity in Mota-Engil Africa and that there would not be any public or private offer of shares. Trading in the shares is expected to start on November 24.
However, there will be an allocation of 20 million new shares in Mota-Engil Africa – 20% of its share capital - to shareholders of record on 22 January 2014. This allocation is conditional on the listing of Mota-Engil Africa going ahead before the end of the year and there being adequate funds in the company based on 2013 accounts to support this.
Mota-Engil Africa had revenues of € 557 million (US$ 696 million) in the first half of 2014, a +29% increase on the same period last year. Its net profits for the period were up +11% at € 62.4 million (US$ 78.1 million).