CRH Transfers its 49% Holding in Secil to Semapa

RNS Number : 4071D

CRH PLC

16 May 2012

 



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16 May 2012

CRH TRANSFERS ITS 49% HOLDING IN PORTUGUESE

CEMENT JOINT VENTURE SECIL TO SEMAPA

CRH plc, the international building materials company, announces that it has transferred its 49% shareholding in Secil, the Portuguese cement producer, to Semapa (SGPS, S.A.), its former joint venture partner.

The transfer is pursuant to 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 €574 million.

The net proceeds received by CRH amount to €564.5 million 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.

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.   

Contact CRH at Dublin 404 1000 ([phone])

Myles Lee                    Chief Executive

Albert Manifold        Chief Operating Officer

Maeve Carton            Finance Director

CRH plc, Belgard Castle, Clondalkin, Dublin 22, Ireland TELEPHONE [phone]   FAX [phone]

E-MAIL: [e-mail]    WEBSITE: www.crh.com    Registered Office, 42 Fitzwilliam Square, Dublin 2, Ireland

 

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