Group MRG Restructuring - MRG - Equipav
As you are probably aware, the deep recession that the Portuguese economy is been going through has had serious consequences in multiple industries, with special emphasis on the construction and public works.
In this context, and in order to adapt to this new reality, the MRG Group is implementing a reorganization based on the following assumptions:
1) The current diagram of companies and shareholdings of MRG Group has been showing maladjusted in order to ensure the fulfillment of strategic objectives in view of the profound changes in the market, regarding the volume of adjudications, the type and size of the works and inherent operational, economic and financial risk.
2) Because of its importance in terms of "core business", MRG - Engineering and Construction, S.A. and EQUIPAV - Engineering and Construction, SA stand out within the Group companies, both aimed for engineering, construction and public works but with different positions.
3) The situation became clearly denoting a construction works limitation, with effective predominance of lower value works, which does not justify the completion between two Companies of the Group companies.
4) The market requires flexibility, adaptability, innovation and expertise. To that extent, EQUIPAV - Engineering and Construction, S.A. it is best positioned to respond to market realities in the field of civil construction and public works.
5) Thus, under this new business model, EQUIPAV - Engineering and Construction, S.A. will ensure, from August 1, 2013, the business of construction and public works of the MRG Group.
6) Accordingly, the company name will be, from now on: MRG - EQUIPAV, Engineering and Construction, SA, which will keep the same NIPC and its registered office.
7) The transfer regards all technical and financial capacity criteria required, insofar as it permits to maintain the two entities with the same categories and classes.
Certain of Your attention to this communication, we seize the chance to wish you every success.
Fernando Manuel Rodrigues Gouveia,Chairman of the Board of Directors
