Group Five sells a 50% interest in its steel pipe business
Construction firm Group Five said on Wednesday, 22 November, that it would sell its 50% interest in its steel pipe business, as part of broader strategy to shake up its portfolio.
Image source: www.pixabay.com
Group Five has earmarked its manufacturing cluster, under which its steel pipe business falls, as non-core, which will be sold in due time. The 50% in interest in Group Five Pipe will be sold to LB Pipes for R80m.
Group Five Pipe manufactures large bore, spiral welded steel pipes, mainly for water transport systems.
In October, Greenbay Properties tried unsuccessfully to buy Group Five's EU assets, which comprise concession stakes in central and eastern Europe, including its Bulgarian assets, and Intertoll Europe operations and maintenance contracts that provide significant annuity income.
Source: BDpro