Brief: Avax Selected As Buyer Of J&P (Overseas) Shares In Conspel Construction Specialist (Isle Of Man), J&P Qatar And Ofabu Dhabij&P

Avax SA

12/06/2019 09:09

June 12 (Reuters) - Avax SA  AVAr.AT :
    * ANNOUNCES THAT IS SELECTED AS BUYER OF SHARES THAT J&P
(OVERSEAS) LTD HELD IN THE FOLLOWING COMPANIES: 100% OF CONSPEL
CONSTRUCTION SPECIALIST (ISLE OF MAN) 49% OF J&P QATAR 49% OFABU
DHABIJ&P
    * ACQUIRING LEGAL ENTITY IS AVAX MIDDLE EAST LTD, A NEWLY
ESTABLISHED CYPRIOT COMPANY, WITH AVAX SA AS ITS ULTIMATE PARENT
COMPANY
    * ACQUISITION IS SUPPORTIVE TO THE PROPER CONTINUATION OF
EXISTING
PROJECTS TOGETHER WITH THEIR ASSOCIATED EMPLOYEES.
    * ESTIMATED H2, 2019 TURNOVER OF COMPANIES BEING ACQUIRED IS
$200
MILLION
    * TO BECOME A MAJORITY PARTNER IN QATAR FOUNDATION STADIUM
CONSTRUCTION JOINT VENTURE
    * STADIUM EXPECTED TO REACH COMPLETION BY THE END OF 2019
WITH A
TOTAL SIZE OF $650 MILLION

Source text : https://bit.ly/2IavkcM
Further company coverage:  AVAr.AT 

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