On 10 August 2011 CRH plc announced that an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), had issued its award and that CRH and Semapa (SGPS,S.A.) were obliged to complete the sale and purchase of CRH’s 49% shareholding in Secil at an equity price of €574 million.
Semapa has now notified CRH of its intention to acquire the Secil shares held by CRH on 15 May 2012 on the terms set out in the ICC award.
CRH acquired a 49% shareholding with joint management control in Secil in June 2004 for an equity consideration of €329 million plus share of net debt at acquisition of approximately €100 million.
| Contact CRH at Dublin 404 1000 (+353 1 404 1000) | |
| Myles Lee | Chief Executive |
| Albert Manifold | Chief Operating Officer |
| Maeve Carton | Finance Director |
Notes for Editors
Secil is a Portuguese manufacturer of cement and ready mixed concrete. Secil also has cement and ready mixed concrete operations in Tunisia and Lebanon and cement operations in Angola.
In 2011, Secil (100% basis) achieved EBITDA of €102 million on sales of €507 million.
Net debt at 31 December 2011 amounted to €142 million.