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John Laing sells stake in Poland motorway project

04 November 2016 07:23

John Laing Group has agreed to dispose of its 29.69% investment in Gdansk Transport Company, the owner and operator of the A1 motorway project in Poland, to FS Amber Holdings, for €146.9 million.

FS Amber Holdings is an indirect wholly owned subsidiary of the European Diversified Infrastructure Fund II, which is managed by First State Investments.

The consideration will be satisfied in cash and the proceeds will mainly be used by John Laing to enable future investment in greenfield infrastructure projects in line with its business model.

The A1 motorway project in Poland comprises two phases: - Phase 1 - approximately 90km from Gdansk to Nowe Marzy in northern Poland

- Phase 2 - an extension of approximately 60km to Torun at the southern end of the motorway

As at 31 December 2015, the gross assets of GTC were PLN7,319 million (£1,508 million) and its net profits for the year then ended were PLN 142 million (£29 million).

Completion of the disposal is subject to obtaining various consents and satisfying certain conditions and is not currently expected to occur until the first quarter of 2017.

Story provided by StockMarketWire.com

Related Company: JLG

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