CCCC on verge of buying 30 pct stake in Mota-Engil

State-owned China Communications Construction Co. Ltd (CCCC) is close to buying just over 30 percent of Mota-Engil SGPS SA, the Portuguese builder has announced.

Mota-Engil told the Lisbon Euronext Lisbon stock exchange in writing that CCCC is set to buy up to 100 million Mota-Engil shares for more than their current market price, in a deal which values the whole company at 750 million euros (aboutUS$892.3 million).

The announcement says Mota-Engil believes the deal will be signed soon.

The companies are keen on jointly taking opportunities to do business, the Mota-Engil announcement says.

In April the Mexican tourism investment fund, Fonatur, announced that a consortium of Mota-Engil, CCCC and three Mexican companies had made the winning bid to build the Mayan Train tourist railway in southeastern Mexico.