Chinese investment holding company Vcredit has agreed to pay more than 20 million euros (175 million MOP) to acquire 98.7 percent of Banco Português de Gestão (BPG), owned by Lisbon-based Fundación Oriente.
This value may be increased by variables related to the bank’s future results and could reach 35 million euros (306 million MOP), according to the Portuguese online newspaper ECO.
The closing of the operation is pending the authorization of the European Central Bank (ECB), which will decide based on the opinion of the Bank of Portugal.
The Portuguese press had already announced that the terms of the operation were closed and, as proof of this, the group listed on the Hong Kong Stock Exchange had already paid a deposit of one million euros (8.7 million MOP), which could be returned if the transaction does not materialize.
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The agreement also includes the purchase of BPG’s subordinated debt (worth 3 million euros) and the launch of an offer to acquire 1.09% of minority shareholders, including the Stanley Ho Foundation.
The closing of the operation is pending the authorization of the European Central Bank (ECB), which will decide based on the opinion of the Bank of Portugal
The bank’s own funds amounted to 18.8 million euros (164.5 million MOP) last March.
In 2022, BPG experienced losses of 4.9 million euros (42.8 million MOP).
The Fundação Oriente, which founded and managed BPG until now, is a Portuguese foundation incorporated on March 18, 1988 and created by the Sociedade de Turismo e Diversões de Macau (STDM) as one of the compensations imposed by the Portuguese Administration of Macau for the exclusive concession for the exploration of games of chance until December 31, 2001.
The foundation is headquartered in Lisbon and has branches in Macao (China), Goa (India) and Dili (East Timor).
Article republished as part of an agreement with Macau Business to share content. Link to the original article: https://www.macaubusiness.com/chinese-investment-holding-vcredit-to-acquire-orient-foundations-bpg-bank/
Source: https://reporteasia.com/negocios/corporaciones/2023/08/28/vcredit-adquirira-banco-bpg/
