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Mota-Engil intends to sell real estate assets in Portugal

14 April 2011 No Comment

“Jorge Coelho, CEO of Mota-Engil, said (…) that the group intends to sell real estate assets owned in Portugal. “We will sell anything that is not central for the group”, he said while presenting Mota-Engil 2010 results. It concerns about 200 assets, such as former construction sites, “some of them worth little” he said, without detailing the value expected by the company with this sale. However, the CEO of the group stressed that Mota-Engil “has no pressure in selling” these assets. Jorge Coelho might also consider that the group could share the ownership of the companies fully owned, but keeping them under control. However, it is something “possible” but not “under consideration”. About the group’s activity in Spain, Jorge Coelho said that Mota-Engil has a solution being examined for the company owned in that country. “This is a small company, with a turnover of 10 million euros, with no development capacity and no market. I don’t know if it will be sold or if another solution will be found”. The CEO also said that, in the scope of the current economic situation, the group has revised all the contracts. “There is no contract within the Mota-Engil Group that has not been revised”, said Jorge Coelho, adding that the group hasn’t dismissed employees.”

Source: Dinheiro Digital, 17/03/2011