29th May 2019 08:48
LONDON (Alliance News) - Construction materials firm Breedon Group PLC said Wednesday it has promoted Deputy Chair Amit Bhatia to non-executive chair with immediate effect.
He will replace Executive Chair Peter Tom, who will retire from the role after nine years in the role since 2010.
Bhatia has been deputy chair at Breedon for a year since 2018, and prior to that was a non-executive director for two years from 2016 to 2018.
Prior to joining Breedon, Bhatia was the founder and executive chair of cement and concrete producer Hope Construction Materials Ltd for three years from 2013 to 2016, before this was acquired by Breedon for GBP336 million.
"I am delighted to welcome Amit as our new non-executive chairman and look forward to working with him as we continue to deliver our growth strategy. In his role as deputy chairman, Amit has already been playing a key part in assisting the executive management team in its review and development of the next phase in the group's strategic evolution," said Chief Executive Pat Ward.
In a separate announcement, Breedon said outgoing chair Tom is to sell 22 million shares in the company held on his behalf by Hermco Property Ltd. The shares to be sold reflects 1.3% of Breedon's entire issued share capital.
Abicad Holding Ltd, in which Bhatia is a representative director, said it will purchase a minimum of 10 million of Tom's shares at a price of 72.0 pence per share, and could acquire the whole 22 million at the same price.
At this price, the 1.3% shareholding is worth a total of GBP15.8 million, and Abicad's shareholding would increase to around 19%.
Breedon is not a party to the sale and will not receive any proceeds.
Shares in Breedon were down 0.3% at 73.75 pence on Wednesday.
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