News Releases
Balfour Beatty Sells Interest In The Dubai Cable Company
26 Jul 2001Balfour Beatty, the international engineering, construction and services group, announces today that it has reached agreement to sell its 30% interest in the Dubai Cable Company (Ducab) to the other existing owners, the Government of Dubai and General Industry Corporation of Abu Dhabi, for a total cash consideration of UAE Dirham 129,900,000 (£25 million).
Ducab was the last significant cable manufacturing interest remaining in the Balfour Beatty group following the sale of its worldwide cablemaking operations in 1999 and 2000.
Balfour Beatty’s interest in Ducab has an asset value of £9 million and the transaction, after associated costs, will result in an exceptional profit of approximately £15 million.
ENDS
Enquiries to:
Tim Sharp
Tel: +44 (0)20 7216 6884
