As previously announced, FLS Industries A/S and Højgaard Holding A/S have for some time been investigating the possibilities of selling their stake in the Portuguese cement group Secil - Companhia Geral de Cal e Cimento S.A. (Secil).
These efforts, which were carried out with assistance from Schroder Salomon Smith Barney, have today resulted in a conditional agreement on the sale of shares in the jointly-owned Portuguese company FLSHH SGPS, Lda. which owns shares in the Secil cement group. The buyer is Secil's main shareholder, Semapa, S.A., which is listed on the Lisbon Stock Exchange. The deal is subject to Semapa having secured financing of the purchase within 45 days.
The agreed sales price for FLS Industries' 50% stake in FLSHH amounts to EUR 152m. This equates to DKK 1.125bn.
The sale of the FLS Industries stake in FLSHH will not affect the previously announced EBIT forecast. The sale will be reflected in earnings before tax (EBT) as a DKK 700m profit. There will be a positive effect on the consolidated shareholders' equity amounting to approximately DKK 340m. Disposal of the shares will not entail taxation of the proceeds from the sale.
The sale of the FLS interest in FLSHH is part of the implementation of the strategy plan, which the Board of Directors announced on releasing the half-yearly report on 29 August 2002, a plan that focuses on developing the Group's two core businesses, F.L.Smidth Group and FLS Building Materials, and divesting or entering into partnerships with regard to all other non-strategic activities.
The FLS Group's and Højgaard Holding's joint investment in Secil dates back to 1930 when the two Danish companies acquired the shares now disposed of.
FLS Industries A/S
Corporate Public Relations
These efforts, which were carried out with assistance from Schroder Salomon Smith Barney, have today resulted in a conditional agreement on the sale of shares in the jointly-owned Portuguese company FLSHH SGPS, Lda. which owns shares in the Secil cement group. The buyer is Secil's main shareholder, Semapa, S.A., which is listed on the Lisbon Stock Exchange. The deal is subject to Semapa having secured financing of the purchase within 45 days.
The agreed sales price for FLS Industries' 50% stake in FLSHH amounts to EUR 152m. This equates to DKK 1.125bn.
The sale of the FLS Industries stake in FLSHH will not affect the previously announced EBIT forecast. The sale will be reflected in earnings before tax (EBT) as a DKK 700m profit. There will be a positive effect on the consolidated shareholders' equity amounting to approximately DKK 340m. Disposal of the shares will not entail taxation of the proceeds from the sale.
The sale of the FLS interest in FLSHH is part of the implementation of the strategy plan, which the Board of Directors announced on releasing the half-yearly report on 29 August 2002, a plan that focuses on developing the Group's two core businesses, F.L.Smidth Group and FLS Building Materials, and divesting or entering into partnerships with regard to all other non-strategic activities.
The FLS Group's and Højgaard Holding's joint investment in Secil dates back to 1930 when the two Danish companies acquired the shares now disposed of.
FLS Industries A/S
Corporate Public Relations