Metlen to spin off concessions and PPP business into new subsidiary
Metlen to spin off concessions and PPP business into new subsidiary Aug 24 (Reuters) - Greece's Metlen Energy & Metals MTLN.L said on Monday it would spin off its concessions and public-private partnership (PPP) business into wholly owned subsidiary M Concessions, as the London-listed group moves to bring its infrastructure activities under a single platform.
Here are some more details:
Metlen said it would transfer the assets, liabilities, rights and obligations linked to its concession and PPP projects to M Concessions.
M Concessions' share capital will be increased by 105.06 million euros ($121.5 million) through the issue of 105.06 million new shares, all of which will be taken up by Metlen.
The company said the spin-off would sharpen operational focus, support synergies and economies of scale, and give the business greater financial flexibility.
The demerger is expected to be put to shareholders for approval by Sept. 30.
(Reporting by Simone Lobo in Bengaluru; Editing by Tasim Zahid)
((Simone.Lobo@thomsonreuters.com, +919920570373))
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