Mota-Engil shares slump after private placement below market price

LISBON Wed Feb 26, 2014 5:22am EST

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LISBON (Reuters) - Shares in Portugal's largest construction company Mota-Engil (MOTA.LS) slumped over 6.5 percent after the company made a private placement of a 16.76 percent stake at a 10 percent discount compared to Tuesday's closing price of 5.17 euros.

Trading in the shares had been suspended pending the announcement of the results of the operation, which was done at 4.65 euros a share. When trading resumed, Mota shares fell to 4.83 euros.

The company said that with this placement it sought enlargement and diversification of its investor base, as well as higher liquidity. It did not name the investors who bought the shares.

(Reporting By Andrei Khalip, editing by Axel Bugge)

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