Interserve sells minority stakes in PFI investments
Interserve, the international support services and construction group, has sold 49.9 per cent of the equity and 62.0 per cent of the debt instruments in two subsidiaries which between them own 19 of Interserve's PFI investments.
Interserve, the international support services and construction group, has sold 49.9 per cent of the equity and 62.0 per cent of the debt instruments in two subsidiaries which between them own 19 of Interserve's PFI investments.
The interests were sold for a total of £89.5m.
The 19 investments were held by Interserve at a carrying value of £29.8m and generated profits of £4.6m in 2011. The consideration will be received in cash within 11 days, resulting in a non-recurring 2012 profit of approximately £60m.
Chief Executive Officer Adrian Ringrose said: "Interserve plays a key role in modernising public sector infrastructure and improving public services. The disposal announced today demonstrates our ability to generate returns which will support new investments to further our strategic growth plans, whilst retaining our commitment to the long term needs of our clients."
The share price edged 0.43% higher to 372p in opening trading.
NR