CRH completes controversial transfer of Secil

CRH, the international building materials company, has transferred its shareholding in Secil, the Portuguese cement producer, to Semapa, its former joint venture partner.

The transfer of CRH's 49% stake has been triggered by a call option exercised by Semapa and confirmed by an award issued by an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), at a valuation of €574m.

The net proceeds received by CRH amount to €564.5m and reflect the valuation set by the Arbitral Tribunal as adjusted for legal costs awarded to Semapa and other amounts due to Semapa by CRH.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Semapa has indicated that it intends to continue its proceedings in the Cour d'Appel (court of appeal) in Paris in relation to the award made by the Arbitral Tribunal. CRH will be represented at the hearing.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.