Portugal's energy firm EDP said in a statement issued in Lisbon on Friday that it has entered into a purchase and sale agreement (PSA) with China Three Gorges to sell its 50 percent share in Energia Asia Consultoria, Lda ("Energia Asia"), a company that owns 21.2 percent of the capital of Macau's power utility monopoly CEM, "for an expected total consideration of around 100 million euros [US$110 million], subject to adjustments until the transaction is completed."
The statement noted that "Energia Asia is a subsidiary owned 50 percent by EDP and 50 percent by ACE Asia Co. Ltd. whose only asset is the 21.2 percent stake in Companhia de Electricidade de Macau - CEM, S.A. ("CEM"), which has been the exclusive concessionaire for electricity transmission, distribution and commercialisation in Macau since 1985."
The statement said that "the transaction if fully aligned with EDP's Business Plan, allowing the reallocation of its capital in its main activities," adding that "the transaction is subject to compliance with regulatory conditions precedent and other usual conditions for a transaction of this nature."
EDP - Energia de Portugal was set up in Lisbon in 1976. Its current products include electrical power and natural gas.
EDP's shareholders include state-owned China Three Gorges (20.86 percent), which joined the company in December 2011, Oppidum Capital (6.82 percent) of Spain, US-based BlackRock, Inc (6.82 percent) and Canada Pension Plan (5.61 percent), according to EDP's official website.
Currently, CEM's shareholders include Nam Kwong Development (H.K.) Limited (42.0 percent), Energia Asia (21.2 per cent), Polytech Industrial Limited (11 percent), Asiainvest - Investment Company Limited (10 percent), Macau Special Administrative Region Government (8 percent) and China Power International Holding Ltd. (6 percent), according to CEM's official website.
In 2022, CEM reported a net profit of 902 million patacas, 226 million patacas less than in 2021.
