APRAM to receive €16.6 million
The Diario reports that the Regional Government will inject €16.6 million into their own company, Portos da Madeira (APRAM). This is according to a resolution published yesterday in the Region’s Official Gazette. The Madeiran executive owns 100% of APRAM’s share capital, and under the Commercial Companies Code, which allows any investor to make loans to the company where they are a shareholder, they have decided to inject that amount. It is not clear if the investment is linked to any particular project.
The Regional Government further claims that “this company was reclassified for the purposes of national accounts, integrating the perimeter of the Regional Public Administration”, (whatever that means?) and therefore the capital injection is justified. The total capital of APRAM currently amounts to €103.5 million.