Recovery of Efacec by German fund will take three to five years

2023-06-11 01:01:00

“I believe the proposal points to a period of three to five years”, he said, when asked about Efacec’s recovery time, in a joint interview with Antena 1 and Jornal de Negócios, which will be broadcast on Sunday in full on the radio in the program “Capital Conversation”.

According to Pedro Cilínio, if the German fund “sells Efacec before that deadline, it is because the recovery went better”.

As for the value of the sale or the capital to be invested by the Mutares fund, the Secretary of State for the Economy refused to disclose it, claiming that this will be done “at the right time”, since “aspects are being closed for the signature of the contract”.

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Faced with criticism from the PSD, which accuses the Government of acting with opacity in the Efacec privatization dossier, Pedro Cilínio replied that the Minister of Economy, António Costa Silva, “is conducting the process and certainly, when he deems it opportune, will disseminate the necessary information”.

The PSD announced this week that it will ask for an urgent parliamentary debate on the privatization of Efacec to be scheduled for next Wednesday, considering that the Government acted opaquely and that the Minister of Economy left several questions unanswered.

Speaking to Lusa on Thursday, social-democratic deputy Paulo Rios de Oliveira said that the minister’s statements left “questions, concerns and perplexities”.

“First, they didn’t announce the sale, they announced the sale project. How much will you pay? We don’t know. What is the project? We don’t know. What is the need to involve more creditors for the project to be accepted? We don’t know. What is the creative model that will allow the State to recover what it put there? We don’t know. To what extent? We don’t know”, listed Paulo Rios de Oliveira.

On Wednesday, at a press conference in Lisbon, the Minister of Economy and the Sea, António Costa Silva, said that the proposal for the Mutares fund was “meticulously analysed”, ensuring that it gives the executive comfort regarding the future and maintenance of the Efacec as “a great industrial and technological project”.

On April 11, Parpública announced that it had received improved binding proposals from four candidates for the purchase of 71.73% of Efacec, within the scope of the company’s reprivatization process.

The improved binding proposals were submitted by Mutares, Oaktree, Oxy Capital and Visabeira-Sodecia Grouping.

In November, the Government approved a new process for the reprivatization of the State’s shareholding of 71.73%, with new terms of reference, after having announced on October 28 that the sale of Efacec to the DST group was not concluded because it did not having verified “all the necessary conditions” for the implementation of the sale agreement.

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