Last checked at 28 May 2010 13:14
MS INTERNATIONAL plc
Acquires the whole of joint venture company Global-MSI
28th May, 2010
MS INTERNATIONAL plc
Acquires the whole of joint venture company Global-MSI
MS INTERNATIONAL plc ("MSI") announces the acquisition of the 50% shareholding in Global-MSI plc ("Global") not previously owned by MSI, from joint venture partner Portman International Securities Limited. The consideration of £4,500,000 will be satisfied in cash payable in full on completion.
Global is concerned with the design, manufacture and construction of petrol station superstructures and associated infrastructure products.
The gross assets of Global at 2 May 2009 were £2,392,000 whilst its liabilities were £900,000. Global contributed £200,000 to MSI's profit before tax in the year to 2 May 2009.
Following completion of the transaction, Global will become a wholly owned subsidiary of MSI.
MSI believes that Global - which has been 50% owned by MSI for the past 17 years - will benefit from a highly focused single party ownership, enabling it provide a positive and rapid response to current changing market conditions and further develop the business.
For further information:
MS INTERNATIONAL plc Tel: 01302 322 133
Michael Bell
Michael O'Connell