Portuguese electricity supplier, Energias de Portugal (EDP), has officially exited the Macao electricity market after finalising the sale of its remaining 50 percent stake in Energia Asia to China Three Gorges International for 100 million euros (US$110 million).
China Three Gorges International is now the main shareholder in Energia Asia, which holds a 21 percent stake in Companhia de Electricidade de Macau (CEM), Macao’s sole energy supplier since 1985.
EDP said the transaction would allow it “to reallocate capital to its core activities and is fully aligned with EDP’s 2023 to 2026 Business Plan.”
[See more: Energias de Portugal is exiting the Macao electricity market]
CEM’s shareholders consist of Nam Kwong (42 percent), Energia Asia (21 percent), Polytech Industrial (11 percent), Asiainvest (10 percent), the Macao SAR Government (8 percent), China Power International (6 percent) and other investors (2 percent).
EDP is not the only major Portuguese company to exit the Macao market since the end of Portuguese administration in 1999.
TAP Air Portugal, the flagship carrier in the lusophone nation, quit the Macao aviation sector by selling its stake in Air Macau to Air China back in 2010.
