Tuesday, February 21, 2017

Balfour Beatty in deal to sell Middle East ventures

Balfour Beatty, a leading international infrastructure group, said it has reached an agreement with its joint venture partner in the Middle East region to sell its entire stake in Dutco Balfour Beatty and BK Gulf, subject to regulatory approval, for a total cash consideration of £11 million ($13.6 million).  

Dutco Balfour Beatty, a key player in the regional construction and engineering sector, is a joint venture between Dubai Transport Company and Balfour Beatty, while BK Gulf is a leading mechanical, electrical and plumbing (MEP) contractor in the UAE.

As part of the transaction, the local partner will assume responsibility for Balfour Beatty’s guarantees of bonding obligations in the joint ventures, stated the company in a statement.

Group chief executive Leo Quinn said: "We continue to simplify the group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth."

Since the start of 2015, Balfour Beatty has exited the Middle East, Indonesia and Australia in order to focus on its chosen markets, in the UK, US and Far East.-TradeArabia News Service
 



from Construction Realestate


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