As Mozambique's Nadhari has failed to provide funding evidence by last Monday, Espirito Santo Industrial (ESI) would hold a new auction to sell construction firm Opway.
The rules of the first auction specified that if this guarantee was not offered on time, the sale of Opway stocks would be awarded to the second highest bid, which was submitted by the construction firm's former management team.
Nadhari emerged as the winner in the first auction by filing a proposal for 5 million euros, while the management team's offer was 1.25 million euros and Prebuild's was 1.2 million euros. ESI said it will hold another auction on the understanding that both the management team and Prebuild would be able to offer a higher price to buy Opway than they had at first.
The rules of the first auction specified that if this guarantee was not offered on time, the sale of Opway stocks would be awarded to the second highest bid, which was submitted by the construction firm's former management team.
Nadhari emerged as the winner in the first auction by filing a proposal for 5 million euros, while the management team's offer was 1.25 million euros and Prebuild's was 1.2 million euros. ESI said it will hold another auction on the understanding that both the management team and Prebuild would be able to offer a higher price to buy Opway than they had at first.