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BRIEF-Group Five raises stake in M6 Mecsek by 10 pct for 125.16 mln rand
February 9, 2017 / 12:43 PM / 9 months ago

BRIEF-Group Five raises stake in M6 Mecsek by 10 pct for 125.16 mln rand

Feb 9 (Reuters) - Group Five Ltd:

* Says acquisition of additional equity position in M6 mecsek concession

* Says Group Five has elected to on-sell to AIF 49.99 pct of acquisition stake in M6 Mecsek to be acquired by company from M6 Mecsek co-shareholder

* Says following implementation of transaction, group five and AIF will jointly hold additional 10 pct stake in M6 MECSEK (50.01 pct and 49.99 pct respectively)

* Says transaction serves to strengthen strategic alliance between Group Five and AIF by adding additional scale to JV

* Group Five has exercised its pre-emptive right to buy further 10 pct stake in M6 MECSEK concession for a cash consideration of 125.16 mln rand

* Says following this acquisition, Group Five will on-sell a 49.99 pct interest in this stake to AIF for a disposal consideration of 4.35 mln euros or 62.57 mln rand

* Says net acquisition consideration payable by company of 4.35 mln euros or 62.59 mln rand

* Says effective date of transaction is expected to be April 28 2017. Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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