CRH transfers 49% holding in Portuguese jv to Semapa
First publishedin Aggregates Business Europe on www.AggBusiness.com
CRH has transferred its 49% shareholding in Secil, the Portuguese cement producer, to Semapa, its former joint venture partner.
The transfer is pursuant to a call option exercised by Semapa and confirmed by an award issued by an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), at a valuation of €574 million.
The net proceeds received by CRH amount to €564.5 million and reflect the valuation set by the Arbitral Tribunal as adjusted for legal costs awarded to Semapa and other amounts due to Semapa by CRH.
Semapa has indicated that it intends to continue its proceedings in the Cour d'Appel (court of appeal) in Paris in relation to the award made by the Arbitral Tribunal. CRH will be represented at the hearing.