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John Laing acquires 21.15% in Colombia-based road project for £32m; appoints CFO
StockMarketWire.com
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Infrastructure company John Laing said it had agreed to acquire a 21.15% interest in the Pacifico 2 road public-private partnership project in Colombia from Construcciones El Condor for COP151 billion, or approximately £32 million.
The project, part of the Colombian government's Fourth Generation road building PPP programme, was aimed at 'improving road connectivity and safety across the country as well as supporting regional economic growth,' the company said.
The transaction was expected to be completed during early 2021, with construction expected to be completed during 2021.
Odinsa would hold a 78.85% stake in the project.
In a separate statement, John Laing said it had appointed Rob Memmott as chief financial officer starting from 6 January 2021.
Memmott was most recently the CFO of Praetura Group, a privately owned financial services business.
Story provided by StockMarketWire.com
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