CRH Transfers 49% Holding In Secil To Semapa/Net Proceeds EUR564.5 Million
05/16/2012| 02:40am US/Eastern
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CRH PLC (CRH.DB), the international building materials company, announced Wednesday that it transferred its 49% shareholding in Secil, a Portuguese cement producer, to Semapa SGPS, S.A., its former joint venture partner, and said the net proceeds were EUR564.5 million.
-Transfer pursuant to 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, at a valuation of EUR574 million.
-Net proceeds reflect Arbitral Tribunal's valuation
-Semapa intends to continue proceedings in the Cour d'Appel, or court of appeal, in Paris in relation to the award made by the Arbitral Tribunal.
-CRH shares closed Tuesday at EUR13.89 valuing the company at EUR10 billion.
-By Ed Ballard, Dow Jones Newswires; 44-20-7842-9375; ed.ballard@dowjones.com
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