22nd Jan 2014 10:42
LONDON (Alliance News) - Construction and property consultancy Sweet Group PLC Wednesday said it has received GBP900,000 from the transfer of its interest in the Scottish Hub North Territory project to a new joint venture company jointly owned by the group and Equitix Hubco 3 Limited.
Sweett Group said it will use the funds from the scheme, which aimed to deliver community based infrastructure in Scotland, to reduce its debt.
Under the terms of the deal, Equitix will provide substitute financing for two existing Hub North schemes and fund future schemes to the extent previously underwritten by the group.
The firm said the transaction completes its exit from direct investments in private finance initiative and public-private partnerships projects.
Retained investments are under GBP100,000 in aggregate, and the group has no future funding commitments attached to this business activity, it said.
The stock was trading at 66.45 pence Wednesday morning, up 1.45 pence or 2.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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