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Ponta Delgada ,  February 26, 2018

Vasco Cordeiro announces profound reform of the Region's Public Business Sector

 
The President of the Government of the Azores announced today a profound reform of the Region's Public Business Sector. It provides for the reduction of direct or indirect investment in 17 companies or associations.
 
"This reform encompasses several solutions, namely the dissolution of companies, together with a process of internalisation of services and human resources. In other cases, it will include the total or partial divestment and, in others, the cessation of partnerships," said Vasco Cordeiro. He spoke at a press conference, where he was accompanied by the Vice-President, Sérgio Ávila.
 
In situations involving the dissolution of companies, the Government assures the maintenance of all jobs through the internalisation of services, added the President of the Government.
 
"This internalisation process will be carried out through the creation of specific legislation that guarantees the integration of all workers of the defunct companies into the Public Administration. It will take into consideration the length of service of each worker for the purpose of stipulating their salary, according to the Public Administration salary index. Furthermore, the Region will be responsible for all assets and liabilities of these companies, honouring the commitment already taken," assured the President of the Government.
 
According to him, the very positive evolution of the regional economy has increasingly contributed to the creation of jobs, the financial strengthening of regional companies and the emergence of private entrepreneurial activities that currently cover areas where there were only publicly-owned companies.
 
"In addition, there is another reason that sustains the decision to divest its stake in companies in these situations. The Government will do so, not because it needs but because this is the decision that best serves the interests of the Azores," said the President of the Government.
 
The Government of the Azores, as direct shareholder, has decided to dissolve the companies SPRIH - Sociedade de Promoção e Reabilitação de Infraestruturas, S.A., Saudaçor, S.A. – Sociedade Gestora de Recursos e Equipamentos da Saúde dos Açores, SATA SGPS and propose the dissolution of Portas do Mar Association.
 
Also as direct shareholder, the Government will divest its 51% stake in Azores Youth Hostels, its 22% stake in ENTA - School of New Technologies of the Azores and transfer its 18% share in ATA - Azores Tourism Association.
 
As already announced, SATA AIR Açores will divest 49% of its stake in SATA Internacional - Azores Airlines and transfer its 14% share in ATA.
 
In terms of indirect investment, the Government has decided to recommend Portos dos Açores, S.A. to divest its 100% stake in Naval Canal, Ld.ª, transfer its 25% share in AGESPI - Associação de Gestão Parque Industrial da Terceira and cease its partnership with Portas do Mar Association.
 
The Government has also recommended Empresa de Eletricidade dos Açores - EDA, S.A. to divest its 62.11% stake in Norma, SA, its 60% stake in Controlauto Açores, Ld.ª as well as to DIVEST its stakes IN NOS Açores, Oni Açores and ENTA.
 
In addition, LOTAÇOR - Serviço de Lotas dos Açores, S.A. will dissolve the company Espada Pescas, Ld.ª and sell part of its stake in the company Santa Catarina. In turn, this company will dissolve the company Companha - Sociedade Pesqueira, while Ilhas de Valor, S.A will divest its 60% stake in Caldeira de Santo Cristo Youth Hostel.
 
After this reform, the Region's Public Business Sector will comprise 15 companies or business groups: Grupo EDA, Grupo SATA, Portos dos Açores, Lotaçor, the three public hospitals, Atlânticoline, Azorina, Ilhas de Valor, IROA, SDEA, Sinaga, Santa Catarina and Teatro Micaelense. This represents a very significant reduction of the direct and indirect investment of the Region in the business sector.
 
According to Vasco Cordeiro, this reform will be carried out by the end of this year, with the exception of Saudaçor, whose dissolution will occur by the end of next year. It has the strategic purpose of ensuring the maintenance of services of public interest to Azorean citizens, avoiding the competition from public companies in non-strategic sectors for the Region. Moreover, it also aims to widen the private business market in the Region and to separate, in clear and transparent manner, the role of the Region as funding entity from the role of partner of several entities.
 
"This is a reform taking place in the right time and not in the wake of supposed weaknesses as evidenced by the fact that it is possible to verify the growth of operational economic results that are already positive within the Region's Public Business Sector. This is also demonstrated by the significant reduction of financial costs and the valuation of its assets," said Vasco Cordeiro.
 
Currently, the assets of the Region's Public Business Sector are worth 2,460 million Euros and its positive equity capital amounts to 317 million Euros, according to data measured at the end of 2017," stressed the President of the Government. He noted that, as a whole, the regional business sector represents an added value of 317 million Euros, an amount that has been increasing over the years.
 
The Government of the Azores takes this decision with the clear awareness that there will be a Parliamentary Inquiry Commission on the Regional Business Public Sector. Therefore, it has set a deadline for the implementation of this reform in order to provide the Commission with all the guarantees for the development of their work and the access to the entities comprised by this decision, said Vasco Cordeiro.


GaCS/PC
 
 
 
 
 
   
 

Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

 
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