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Obrascon Huarte Lain (50ML)

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Thursday 28 July, 2011

Obrascon Huarte Lain

Board of Directors Resolutions

RNS Number : 2469L
Obrascon Huarte Lain, S.A.
28 July 2011
 



London Stock Exchange

 

 

Madrid, 28th July 2011.

 

 

 

Ref.: Significant Event: Board of Directors Resolutions

 

 

Dear Sirs,

 

The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with the provisions of the Securities Market Act, hereby reports the following Significant Event:

 

The Board of Directors of Obrascón Huarte Lain S.A. ("OHL") has decided to:

 

 

1°- To carry out the reorganisation of the construction activity of the OHL group by integrating in one single Construction Division the current divisions of International Construction and Domestic Construction.

 

 

The process of integration of the construction divisions is estimated to be completed within the current financial year 2011 and will contribute important synergies and savings to the OHL group, which have not been quantified yet.

 

 

2º- To start the preliminary studies needed to analyse the public listing of its subsidiary OHL Concesiones S.A., which would imply in the placement among investors of up to 30% of its capital through an Initial Public Offering (IPO) of both new and existing shares of OHL Concesiones, S.A. The company has no evaluations or estimates of value different from the published to date. The decision to carry out the transaction and its timing, not estimated to be imminent, will be taken in light of the market situation.

 

 

 

 

Yours faithfully,

 

 

José María del Cuvillo Pemán
Vice-Secretary of the Board of Directors
 

 


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