ENGINEERING
Group Five partners with UK’s Aberdeen
The engineering and construction group sells a 49.99% stake in Intertoll Europe’s underlying equity investments of about R633.2m to Aberdeen
Group Five has partnered with a subsidiary of the UK-based Aberdeen Asset Management, as the JSE-listed engineering and construction group seeks to bolster its offshore profit line. The company segments itself into three broad categories: engineering and construction, manufacturing and investments, and concessions that have taken strain over the past few years because of their exposure to weak productive sectors. One such area has been mining, which until fairly recently has lagged because of weak commodity markets. Group Five agreed on Monday to sell a 49.99% stake in Intertoll Europe’s underlying equity investments of about R633.2m to Aberdeen Infrastructure Funds (AIF) in a cash deal that is expected to close in June 2017. The proposed transaction is intended to benefit the investments and concessions division, which contributed less than 10% to revenue in the year to June, yet still managed to make a sizable contribution to profit growth. Engineering and construction generates t...
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