Stefanutti Stocks International has entered into an agreement to sell its 49% interest in the issued share capital in Al Tayer Stocks (ATS) to Investment Trading Group.
ATS is a building and interior fit-out contracting company, offering a full range of services across all industries, delivering projects in the interior fit-out, design and building sectors in the United Arab Emirates.
Stefanutti’s disposal of its interest in ATS forms part of its restructuring plan.
The purpose of the restructuring plan is to put in place an optimal capital structure and access to liquidity to position the group for long-term growth, and the proposed transaction forms part of the restructuring plan and is in furtherance of achieving its objectives, the company said on June 24.
The purchase price is about R252.4-million.
The proceeds of the transaction will be applied to the reduction of Stefanutti Stocks' current funding facilities.