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21/02/2017
Balfour Beatty Agrees To Sell Middle Eastern JVs
Balfour Beatty has agreed to sell its Middle East Joint Ventures (JV) for £11 million.
Under the deal, Dubai Transport Company (Dutco) will assume ownership over half of Dutco Balfour Beatty and BK Gulf.
As a result, Dutco will take responsibility for Balfour Beatty’s guarantees of bonding obligations in the JVs.
Leo Quinn, Group Chief Executive, said: “We continue to simplify the Group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth."
Since 2015, the company has exited the Middle East, Indonesia and Australia markets to focus on business in the UK, US and Far East.
(LM/CD)
Under the deal, Dubai Transport Company (Dutco) will assume ownership over half of Dutco Balfour Beatty and BK Gulf.
As a result, Dutco will take responsibility for Balfour Beatty’s guarantees of bonding obligations in the JVs.
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Leo Quinn, Group Chief Executive, said: “We continue to simplify the Group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth."
Since 2015, the company has exited the Middle East, Indonesia and Australia markets to focus on business in the UK, US and Far East.
(LM/CD)
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