(Alliance News) - John Laing Group PLC said Tuesday it has acquired a 21% interest in the Pacifico 2 road public-private partnership project in Colombia for COP151 billion, around GBP32 million, from local firm Construcciones El Condor SA.
Also on Tuesday, the FTSE 250 infrastructure investor announced the appointment of Rob Memmott as chief financial officer with effect on Wednesday.
He will be replacing Luciana Germinario, who stepped down in early August 2020 after a year and a half in the role.
Memmott's most recent role was as CFO at financial services firm Praetura Group for two years since 2019. Prior to that, he was CFO at London-listed debt purchaser and and manager Arrow Global Group PLC for seven years from 2011 to 2018.
"Rob brings valuable experience and skills which will further strengthen and support our team," said Chief Executive Officer Ben Loomes.
The Colombian road project, called Pacifico 2, is located 20 kilometres south of the city of Medellin. It includes the construction of a new 82 kilometre dual carriageway and two tunnels, as well as an upgrade of 54 kilometres of existing road.
The acquisition is expected to be completed in early 2021, after which the project will be 79% owned by Colombian infrastructure group Odinsa SA and 21% by John Laing.
"We are delighted to be announcing our second investment in Colombia, a country with a strong PPP framework and a healthy pipeline of opportunities. This investment builds on our initial success with Ruta del Cacao, another 4G road project, which we invested in during 2019, and reflects our local presence and relationships that we have developed in Bogota," said Alex Yew, John Laing's managing director for Latin America.
Shares in John Laing were up 1.0% at 339.20 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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