BAM on track for worst day in 8 months on BAM Intl investigation
17/10/2022 13:47
(Adds comments from BAM spokesperson, updates share move,
milestone)
** Shares in Royal BAM Group BAMN.AS drop more than 11%
after the construction firm said Dutch authorities were
investigating some projects of its subsidiary BAM International
** "BAM International was informed that the company is the
subject of an investigation relating to potential irregularities
at some already completed projects," BAM said in a statement
** BAM flagged in 2020 that it would wind down the unit
delivering construction and civil engineering projects outside
Europe, given continued losses and a lack of positive outlook
** "The wind-down is progressing according to schedule," a
BAM spokesperson said, adding the investigation was focusing "on
some projects in some countries" that have all been completed
** He said BAM could not provide further information about
the potential irregularities, and that "any discussion about
eventual damage (for the group) is speculation"
** The stock of BAM, down around 22% year-to-date, is on
track for its worst day since mid-February
(Reporting by Juliette Portala)
((juliette.portala@tr.com))