News blog
Acertec
- BY: Andrew Hore |
- POSTED: 12/08/2008 |
- COMMENTS: Add yours
Acertec is selling its Singapore-based subsidiary.
The steel products supplier owns 70.28% of BRC Asia and it is selling this stake in two tranches to a consortium of five buyers. After Acertec receives shareholder approval it will sell 56.14% of BRC Asia. The other 14.14% will be sold 12 months later.
Acertec will receive an initial £14.3m, and a further £3.6m 12 months later.
This news helped perk the shares up by 0.75p 11.75p, which values Acertec at £6.03m.
BRC Asia had a net asset value of £15.7m (£11.1m attributable to Acertec) at the end of 2007 and generated post-tax profits of £1.7m last year - £1.2m after minority interests. The business has traded strongly in 2008 and recent interims showed profits had increased by two-fifths.
Acertec expects to report a £2m loss on disposal.
The cash will come in useful because Acertec has large debts. Net debt was £64.1m at the end of 2007.
Interim figures will be in line with expectations of a small decrease in profits. However, there will be additional provisions.
Acertec is left with the Stadco automotive pressings business and the UK operations of BRC, which supplies engineered steel products used in concrete construction.
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