Sale of stake in BRC Weldmesh (Gulf) WLL
February 17 2009 - 7:38AM
UK Regulatory
TIDMACER
RNS Number : 4507N
Acertec PLC
17 February 2009
17 February 2009
Acertec plc
("Acertec" or the "Group")
Sale of stake in BRC Weldmesh (Gulf) WLL
("BRC Weldmesh")
Acertec today announces that it has agreed to sell its 32.6% holding in BRC
Weldmesh to the Abdulrahman Khalil Almoayed Group WLL (the "AK Almoayed Group")
and Mr Emad Abdulrahman Khalil Almoayed.
BRC Weldmesh, a manufacturer and supplier of engineered wire mesh and fencing,
is a Bahrain-incorporated joint venture between Acertec and the AK Almoayed
Group.
The total consideration, to be paid in full in cash on completion, is GBP0.45
million and will be used to reduce the Group's existing debt. Acertec expects to
record a profit on disposal of approximately GBP0.4 million.
As at 31 December 2007, 32.6% of BRC Weldmesh's net assets were BHD1.1 million
(GBP1.5 million). For the year ended 31 December 2007, 32.6% of BRC Weldmesh's
pre-tax profits were BHD0.15 million (GBP0.20 million).
Following the disposal, Acertec will continue to operate in two business units:
Stadco is a leading supplier of body-in-white pressings and sub-assemblies to
automotive Original Equipment Manufacturers in Germany and the UK and Acertec
Construction Products supplies high performance engineering solutions for the
mining, civil engineering, building and security industries.
- Ends -
Enquiries:
+-----------+---------------+
| Acertec | 01743 445541 |
| plc | |
+-----------+---------------+
| David | |
| Hussey, | |
| Executive | |
| Chairman | |
+-----------+---------------+
| Steve | |
| Kynaston, | |
| Group | |
| Finance | |
| Director | |
+-----------+---------------+
| | |
+-----------+---------------+
| Hawkpoint | 020 7665 4500 |
| Partners | |
| Limited | |
+-----------+---------------+
| David | |
| Renton | |
+-----------+---------------+
| | |
+-----------+---------------+
| Weber | 020 7067 0700 |
| Shandwick | |
| Financial | |
+-----------+---------------+
| Nick | |
| Oborne | |
| / | |
| Clare | |
| Perks | |
+-----------+---------------+
Notes to Editors
Acertec is comprised of two divisions, Stadco and Acertec Construction Products
(formerly BRC). Stadco is a leading supplier of body-in-white pressings and
sub-assemblies to automotive OEM's in the UK and Germany. Acertec Construction
Products supplies high performance engineered solutions for mining, civil
engineering, building and security industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISUBOURKNRUAAR
Acertec (LSE:ACER)
Historical Stock Chart
From Apr 2024 to May 2024
Acertec (LSE:ACER)
Historical Stock Chart
From May 2023 to May 2024