CRH transfers its 49% holding in Portuguese cement joint venture Secil to Semapa
16 May 2012
CRH plc, the international building materials company, announces that it has transferred its 49% shareholding in Secil, the Portuguese cement producer, to Semapa (SGPS, S.A.), 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.
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
|Myles Lee ||Chief Executive |
|Albert Manifold ||Chief Operating Officer |
|Maeve Carton ||Finance Director |
CRH plc, Belgard Castle, Clondalkin, Dublin 22, Ireland
TELEPHONE +353.1.4041000 FAX +353.1.4041007
E-MAIL firstname.lastname@example.org WEBSITE www.crh.com
Registered Office, 42 Fitzwilliam Square, Dublin 2, Ireland
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