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.
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.
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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.
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