Mota-Engil to form Angolan venture with Sonangol

LISBOA, June 16 (Reuters) - Portugal's biggest construction firm Mota-Engil (MOTA.LS) has inked a deal to form a consortium under its control in Angola with the African country's state energy company Sonangol and local bank BPA.

Mota-Engil said in a statement on Tuesday that under the terms of a memorandum of understanding signed in Lisbon it will hold a 51 percent stake in Mota-Engil Angola, while Sonangol will control the Angolan part of the venture.

The unit "will cover the business of building and construction and other activities in various industrial sectors in Angola, in particular those related with the construction and housing", the statement said.

Mota-Engil did not disclose the value of the assets but said completion of the deal depended on the valuation of the assets of its engineering division in Angola being transferred to the newly-formed unit.

Caixa Banco de Investimento said in a research note the venture with the inclusion of a state-run company met Angola's interests and expected "interesting" developments in the construction sector there "because of the possibility of medium and long-term growth".

Angola has invested billions of dollars rebuilding infrastructure destroyed by an almost three decade-long civil war, using a windfall of oil and diamond export revenues.

Mota-Engil said last month it sought to bid for hydroelectric plant licenses in Angola, preparing to open a ceramics factory in the African country and working on a wiredraw plant project there.

Mota-Engil and another Portuguese builder, Soares da Costa (SCOAE.LS), also won a $136 million tender to revamp a part of the bay of Luanda as part of a $2 billion government project.

Mota-Engil stocks rose 0.6 percent to 3.309 euros, in early trade, outperforming the broader market in LIsbon, which was flat. (Reporting by Andrei Khalip; Editing by Dan Lalor)