maple17 Oct 2014 22:53
RAÑA Y MONTERO TO PURCHASE STAKE IN THE MAPLE COMPANIES LIMITED
Tickers: GRAM
LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE: GRAM) (BVL: GRAMONC1) ("the Company" or "Graña y Montero"), a leading Engineering and Construction company, announced that Graña y Montero S.A.A. and Alcogroup S.A. from Belgium, sent a binding offer for the share purchase of The Maple Companies Limited consisting on:
(i) US$ 4 million for the acquisition of 40.0% of shares of The Maple Companies Limited and,
(ii) a commitment for an increase of capital in The Maple Companies Limited of US$ 13 million.
This operation has been approved by Maple Energy PLC Board of Directors, and will be elevated to its Shareholders' meeting.
As a result of this offer, the stakes hold by Graña y Montero S.A.A. and Alcogroup S.A. in The Maple Companies Limited will be of 30.43% and 43.48% respectively.
Certain purchase conditions include the sale of 100% of shares of The Maple Gas Corporation del Perú SRL in favor of Graña y Montero Petrolera S.A. (GMP) within a period of thirty days, for US$ 31 million; as well as to assign the funds from the capital increase, and from the share sale of The Maple Gas Corporation del Perú SRL, to Maple Etanol SRL and Maple Biocombustibles SRL.
Once the sale is concluded, GMP will own 100% of The Maple Gas Corporation del Perú and Graña y Montero S.A.A. will be a minority shareholder (30.43%) of The Maple Companies Limited.
About Graña y Montero S.A.A.
Founded in 1933, Graña y Montero is the only Peruvian engineering and construction company listed on the Lima Stock Exchange since 1997 and now also the NYSE. The Company has participated in the development of major engineering and construction projects in Peru, including large-scale, complex projects in the energy, mining, construction and real estate sectors.
With 80 years of operations, the Company has leveraged its engineering and construction expertise into complementary lines of business, such as the development, ownership, operation and maintenance of infrastructure assets, real estate developments, and the provision of technical services. The Company has significant investments in infrastructure concessions, such as three toll roads and Line 1 of the Lima Metro.
The Company has also executed several projects outside Perú, and has acquired three companies in Chile: DSD Construcciones y Montajes, an engineering and construction company specialized in providing services to the energy, oil and gas, cellulose and mining sector in Chile and Latin America; Vial y Vives, a construction company specialized in the mining sector, and CAM, which is specialized in electric services, with operations in Chile, Peru and Colom