[2019-10-14] Angola Sovereign Fund announces full ownership of Caioporto, SA

Source: Macauhub

Caioporto, SA is a company 100% owned by a specific vehicle company in turn owned by the Angola Sovereign Fund, the fund said in a statement issued in Luanda, which refers to the provisions of Presidential Order 166/19 of 1 October.

An agreement reached between the Angolan Government and the former owner of the company, Jean-Claude Bastos de Morais, led to Moraia returning many of his assets to Angola, including Caioporto, SA.

In the presidential order, João Lourenço decided to terminate the commission he had created in May 2018 to negotiate the termination of the concession contract for the execution of this project, awarded in 2012 to Caioporto, SA, thus choosing to keep the company at the head of the project.

The presidential order determines “the continuity of the execution of the construction project of Novo Porto do Caio, maintaining Caioporto, SA as its implementation manager, safeguarding the rights and duties of the contractor, under the terms of the contracts, until the final fulfillment.”

The construction of the port, valued at US$831.9 million, was part of the China Credit Line, with the Angolan state supporting 85% of the contract value and the concession-holder the remaining 15% or US$124.8 million, according to a 2016 order by then-President José Eduardo dos Santos.

The port will be built in three phases and the China Road and Bridge Corporation (CRBC) has been hired to carry out the contract.