This Thursday, the President of the Republic said that in the current context, “there is no good or very good solution” for the reprivatization of Efacec, citing ignorance of the “detailed conditions” of the sale to the German Mutares fund.
“I would say there was no good or very good solution compared to the value that Efacec had in a different context. As you know, there was an obvious group solution to the problem in the middle, and then it failed. I mean what was here. It’s really a collection of difficult situations, and you end up in the situation you find yourself in,” said Marcelo Rebelo de Souza.
Answering questions from journalists at the former royal arena next to the Palacio de Belem in Lisbon, Marcelo Rebelo de Sousa declined to specify the amounts involved in the case.
According to the head of state, “some will say” that “for all its value, the strategic importance of Efacec has turned out to be small”, and “others will say” that, faced with “the risk that nothing exists and therefore a situation exists that will jeopardize the reputation of the Portuguese state and the reputation of several contracts in several markets is the way out.”
The President of the Republic was asked about this business at the end of a meeting with Portuguese startups and he began by classifying Efacec as “a very important national asset” and recalling that he carried out the nationalization of the company in 2020, arguing that it was necessary. “The state will intervene to save Efacec” and re-privatize it as soon as possible.
He then highlighted the economic situation resulting from the Covid-19 pandemic and the war in Ukraine, joined by the war between Israel and Hamas, and stated that in this context, “Portugal finds itself in a very difficult position regarding the sale of this type of asset.”
Marcelo Rebelo de Souza said he did not know the “detailed terms” of the deal but assumed they were “different from those that would have existed if the international economic situation had been different.”
“They ask me: is this good for the situation to which it has reached due to the international situation and the past tense? I admit that the minister [da Economia] I think that’s good. So, is this good in terms of what we might dream and desire for Efacec in a different context? I think this is not in line with what we have dreamed, thought and recognized has become possible for Efacec over time,” he added.
Efacec, a company operating in the energy, engineering and mobility sectors with approximately 2,000 employees, was nationalized in 2020, leaving the state owned 71.73% of the company.
The nationalization, presented as temporary, followed a judicial seizure of assets belonging to Angolan businesswoman Isabel dos Santos, who owned most of Efacec’s capital.
On Tuesday, the economy minister said the state would invest a further 160 million euros in Efacec, while the Mutares fund would inject 15 million euros in capital and 60 million euros in guarantees into the company.
The state has already invested €132 million in Efacec, plus a further €85 million in guarantees.
Author: Lusa
Source: CM Jornal
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