2nd Oct 2018 08:17
LONDON (Alliance News) - Interserve PLC on Tuesday said it agreed to sell its Infrastructure & Industrial access and hard services business to Enigma Industrial Services Holdings Ltd for an initial consideration of GBP3.6 million in cash.
The stock was up 1.1% on Tuesday at 58.05 pence per share.
The support services & construction firm said it will secure an extra GBP1 million if the disposed unit will achieve certain financial targets in the financial 2018 and 2019.
Interserve intends to use the funds to reduce its indebtedness.
For the year to the end of 2017, its Industrial Services unit reported an operating loss of GBP4 million and had gross assets of GBP47.3 million.
The move follows the closure of Interserve's power activities earlier this year and concludes the company's exit from its industrial contracting activities.
"We are pleased to announce the sale of the access and hard services business as part of Interserve's strategy to focus on core customer segments," said Chief Executive Debbie White.
Related Shares:
Interserve