Portugal: Isabel dos Santos has holdings in Portuguese banking, energy, telecoms

Entrepreneur Isabel dos Santos, the main target of the financial schemes unveiled in “Luanda Leaks”, has investments in Portugal, mainly in banking, energy and telecommunications.

The Angolan entrepreneur’s investments in Portugal include positions in the telecommunications operator NOS, EuroBIC bank, Efacec and Galp Energy, in addition to real estate investments that she has in the country on a personal basis.

In the case of NOS, everything started on December 20, 2009, when Isabel dos Santos, through Kento Holding Limited, took 10% of ZON Multimedia. In May 2012, Unitel International Holdings B.V. acquired 19.24% of the operator, in the scope of movements that had as scenario a possible merger with Optimus, of the Sonae group.

In December 2012, Sonaecom and Isabel dos Santos made public the merger operation, which would lead to NOS, the operator controlled by ZOPT, of which the Angolan businesswoman and the Portuguese group led by Cláudia Azevedo are shareholders.

Then, on November 9, 2014, the entrepreneur unsuccessfully tried to control PT SGPS, now Pharol, when she launched a takeover bid, through Terra Peregrin, for all the shares for €1.21 billion.

In banking, the entrepreneur, who became the second largest shareholder of BPI, with a position of 18.58%, through her personal holding Santoro Finance, is now the largest shareholder of EuroBic, with 42.5% of the capital, after having bought a part of the position that belonged to entrepreneur Américo Amorim.

In EuroBic, which has as executive chairman the former Minister of Finance Fernando Teixeira dos Santos, Santoro Financial Holding SGPS holds 25% and FiniSantoro Holding Limited 17.5%, according to data available on the bank’s website.

Portuguese businessman Américo Amorim, who died in 2017, was in fact, between 2005 and 2010, the great business partner of the eldest daughter of the former Angolan President José Eduardo dos Santos, both in the financial and oil areas.

Angolan oil company Sonangol holds an indirect stake in Galp Energy through Amorim Energia. This is because the Angolan oil company controls Esperaza Holding, which, together with the Amorim group, owns Amorim Energia, which owns 33.34% of Galp Energia.

Amorim Energia has as shareholders Power, Oil & Gas (35%), Amorim Investimentos Energéticos (20%) and Esperaza Holding BV (45%). In turn, Esperaza is 60% owned by Sonangol and 40% by Isabel dos Santos.

The most recent acquisition of the Angolan in Portugal was Efacec, an industrial company of which it became 65% shareholder in October 2015, with the remainder in the hands of the José de Mello Group and Têxtil Manuel Gonçalves.

It was through Winterfell Industries that the businesswoman acquired the majority of the capital of Efacec Power Solutions, with Mário Leite da Silva – one of the targets in “Luanda Leaks” and Isabel dos Santos’ ‘right-hand man’ – presiding over the Board of Directors.

Efacec Power Solutions operates in the areas of engineering, energy and mobility.