Portuguese group Visabeira has formed a partnership with two Mozambican state energy companies to launch a firm that will provide engineering services in the energy sector, according to an agreement signed on Tuesday (9 December) on the sidelines of the Portugal-Mozambique Summit held in Porto, northern Portugal. The shareholder agreement for the new company, Soluções Eléctricas Globais (SEG), was signed during the Portugal-Mozambique Business Forum, which opened in the presence of Portuguese Prime Minister Luís Montenegro and Mozambican President Daniel Chapo. The deal also involves the state companies Electricidade de Moçambique (EDM) and Hidroeléctrica de Cahora Bassa (HCB), reports the Portuguese daily Observador.
“It is a public-private partnership, and the idea is also to use this as a tool to put the Mozambican flag in other countries,” explained Fernando Daniel Nunes, Vice-President of the Visabeira Group, who signed the agreement, cited by Lusa. In the new company, Visabeira Global will hold a 40 per cent stake, with the two Mozambican firms holding 25 per cent each, and 10 per cent allocated to small shareholders. According to Fernando Daniel Nunes, SEG will provide engineering services in the energy sector across Mozambique and neighbouring countries, with plans to eventually expand to Europe.
“The intention is to offer services not only in Mozambique but also to countries in Southern Africa, and eventually Europe. Given the significant investments taking place in Europe concerning energy transition and strengthening electrical infrastructure, there is a gap in companies able to meet market demand,” he explained. The next steps in launching the new company involve recruiting and training staff “to operate and execute projects as quickly as possible”.
Read Full Article on Club of Mozambique
[paywall]
“To capitalise on the short-term opportunities stemming from major investments in electrical infrastructure, not only in Mozambique but also in other countries,” added the Visabeira Vice-President. In addition to this agreement, during the business forum held on Tuesday afternoon (9 December) at the Palácio da Bolsa in Porto, as part of the VI Portugal-Mozambique Summit, a cooperation agreement was signed between the business associations of the two countries — CIP and CTA — joining 22 other legal instruments signed earlier that morning, primarily between the two governments, in the presence of Luís Montenegro and Daniel Chapo. Visabeira Group acknowledges that its main current market is the United States, but Mozambique remains a historical reference, being one of the main Portuguese-origin companies active in the Mozambican market.
“Mozambique accounts for less than 5 per cent of the group’s business. It is not that Mozambique is not growing, but we are growing significantly in other regions, such as the US and Europe, which has reduced the share of Mozambican business within the group’s consolidated turnover,” recognised Fernando Daniel Nunes. “We continue to be a key player in Mozambique’s economic landscape.
Although Mozambique’s market does not represent a large slice of Visabeira Group’s consolidated business figures, there is a strong emotional value that binds us to the country. It is a cultural and emotional connection between our shareholder, the founder of the Visabeira Group, and Mozambique,” te concluded.
[/paywall]
