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Group Five increases shareholding in Hungarian road concession company

9th February 2017

By: Anine Kilian

Contributing Editor Online

     

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JSE-listed Group Five will acquire an additional 10% stake, the acquisition stake, in Hungarian road concession company Mecsek autopalya koncesszios zrt (M6 Mecsek) for R125-million, it said in a statement on Thursday.

Following the acquisition, Group Five will on-sell 49.99% of the acquisition stake to Aberdeen Infrastructure Funds (AIF) for R62.57-million, resulting in a net acquisition consideration payable by Group Five of R62.59-million.

Under a joint venture agreement between Group Five and AIF, the latter in December acquired a 49.99% stake in Group Five’s European investment and concession assets within the Intertoll Europe underlying public–private partnership (PPP) project’s investment portfolio for €43-million, or R633.2-million.

Meanwhile, Group Five on Thursday also said it expected to report fully diluted headline losses a share and headline losses a share of 300c to 320c for the six months ended December 31.    

It will release its interim results on February 22.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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