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(Alliance News) - SigmaRoc PLC on Thursday said it has disposed of a non-core plot of land for GBP5.5 million in cash.
The construction materials company said the land's historical book value was GBP4 million, resulting in a net profit on disposal of GBP1.5 million.
SigmaRoc explained that the land holdings formed part of its SigmaPPG platform and were no longer of strategic value to the company. As a result of the sale, SigmaRoc's gearing ratios are expected to be "significantly" reduced, it said.
The proceeds from the disposal will add the company additional flexibility, it said, as it evaluates the acquisition pipeline and continues to optimise its capital structure.
SigmaRoc shares were trading 1.3% higher in London on Thursday at 40.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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