REG - Costain Group PLC - Directorate Change

CostainAnnouncement

12/03/2024 07:15

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RNS Number : 4182G  Costain Group PLC  12 March 2024

 

Costain Group PLC

12 March 2024

Costain Announces Bishoy Azmy To Step Down From Board

 

Costain Group PLC ("Costain", or the "Company") announces Mr Bishoy Azmy is to
step down from the Board of Costain with effect from 31 March 2024. Mr Azmy is
the designated Board representative of ASGC, a Dubai-based construction
conglomerate and 15% shareholder in the Company, and was appointed to the
Board as a non-independent non-executive Director in June 2020.

Bishoy Azmy said: "Costain has today announced yet another strong operational
and cash performance demonstrating the successful delivery of its strategy and
the exciting prospects for the business. I am also delighted that the Board
has been significantly strengthened and refreshed with a change in Chair and
the recent appointment of two non-executive Directors with excellent, directly
relevant experience. I have already seen first-hand the benefits this brings
to the Company. It is therefore a natural time for me to step down from the
Board to focus on my other global interests. As a shareholder, we remain
committed to the future of Costain."

Kate Rock, Chair, Costain said: "Bishoy remains a strong advocate and
supporter of Costain as we continue to grow the business and add value for our
shareholders. We are very grateful to him for his considerable contribution to
the Board during the past four years. I fully understand and appreciate that,
as he sees Costain well set for future growth, he now wishes to step down from
the Board to commit to his other significant global activities. I am also
delighted with the recent appointments of Steve Mogford and Amanda Fisher as
independent non-executive Directors who have brought their considerable
experience to the Costain Board."

The relationship agreement between ASGC and the Company, which was put in
place at the time of the equity raise in May 2020, is unaffected by Mr Azmy
stepping down from the Costain Board.

Enquiries:

 

 Investors and analysts      paul.sharma@costain.com
 Paul Sharma, Costain        +44 (0) 7867 501188

 Financial media - Headland  costain@headlandconsultancy.com
 Andy Rivett-Carnac          +44 (0) 7968 997 365
 Charlie Twigg               +44 (0) 7946 494 568 (tel:+44%20(0)79%204649%204568)

 

Notes to editors

 

Costain helps to improve people's lives by creating connected, sustainable
infrastructure that enables people and the planet to thrive. We shape, create
and deliver pioneering solutions that transform the performance of the
infrastructure ecosystem across the UK's transport, energy, water, and defence
markets.

 

We are organised around our customers anticipating and solving their
challenges and helping to improve performance. By bringing together our unique
mix of construction, consulting and digital experts we engineer and deliver
sustainable, efficient and practical solutions.

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