Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mota Rises on 500 Million-Euro New Africa Orders: Lisbon Mover

June 17 (Bloomberg) -- Mota-Engil SGPS SA, Portugal’s biggest construction company, closed at the highest level in more than four months after winning contracts in two new countries in Africa.

The stock climbed 3.8 percent to 2.29 euros, the highest level since Jan. 29, boosting Mota-Engil’s market value to 468 million euros ($624 million). Trading volume was about 1.7 times the three-month daily average.

Mota-Engil said yesterday it won orders in Africa valued at about 500 million euros. The new contracts secured the company’s entry in two new African countries, Zambia and Ghana.

“We see as very positive the expansion of the company’s international operations considering the tough environment it is facing in the domestic market,” Bruno Silva, an analyst at Banco BPI, said in a note today. The contracts represent 15 percent of the company’s total construction order book as of March 13 and 31 percent of the African order book, he said.

Mota-Engil said in March it planned to enter new markets in Africa including Zambia, Ghana, Uganda and Kenya. The company is “confident” it will meet its year-end goal of an order book exceeding 3.5 billion euros, up from 3.4 billion euros in the 2012, Chief Executive Officer Goncalo Martins said on May 21.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.