Ballast Nedam sells LNG unit

In line with its announced programme of disposals, Ballast Nedam agreed with Bencis Capital Partners on the sale of CNG Net B.V., LNG24 B.V. and CNG Net Realisatie en Onderhoud B.V.

The transaction includes the customary conditions precedent and is expected to be completed in late September. This package of disposals represents a total selling price of approximately € 26.5 million, and generates a book profit of above € 5 million for Ballast Nedam. The number of jobs involved will not be affected by this transaction.

When announcing its half-yearly figures, Ballast Nedam stated that it had identified these companies, as a group, as being immediately available for sale. This move is in keeping with the strategy of strengthening Ballast Nedam’s financial position. Ballast Nedam will continue to pursue its disposal programme in the medium term. This will involve the controlled disposals of companies that no longer contribute to its strategic focus on integrated projects and on the industrialization of the building process.

Press Release, July 28, 2014; Image: Ballast Nedam