21st Apr 2009 14:19
21 April 2009
Taylor Wimpey plc
Taylor Wimpey announces the sale of its construction businesses in Ghana
Taylor Wimpey plc ("Taylor Wimpey") today announces the sale of its construction businesses in Ghana, West Africa, comprising Taysec Construction Limited and Taylor Woodrow of Ghana Limited (together subsequently referred to as "Taysec") to existing management for £1 in cash. Taysec's operations consist of general construction activities and some residential development.
After the disposal of Taylor Wimpey's UK construction operations (Taylor Woodrow Construction) to VINCI in September last year, the disposal of Taysec completes Taylor Wimpey's exit from construction activities and is in line with the strategy of focusing on its core housebuilding activities.
In the year ended 31 December 2007, the operating loss for Taysec was£14.8 million(1). After the repayment of inter-company debts, the net assets of Taysec on sale are negligible, therefore the transaction will not have a material impact on Taylor Wimpey's earnings for the year ending 31 December 2009.
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For further information please contact:
Taylor Wimpey plc Tel: +44 (0)20 7355 8109
Pete Redfern, Group Chief Executive
Chris Rickard, Group Finance Director
Jonathan Drake, Investor Relations
Finsbury Tel: +44 (0)20 7251 3801
Faeth Birch
(1) The gross assets as of 31 December 2007 which are subject to the disposal total £39.2 million
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