MADRID – Spanish building agency Sacyr plans to promote 49% of its cleansing and recycling companies enterprise and search a companion for its water subsidiary, the corporate stated on Wednesday with the concept of specializing in extra worthwhile concession companies.
Sacyr stated it expects the varied divestment processes to be accomplished throughout the subsequent 12 months.
The funds obtained by promoting its companies companies will probably be used to scale back debt, the corporate added in a press release to the Spanish market regulator.
Sacyr’s infrastructure concessions enterprise contributed 85% of its EBITDA in the course of the first half of the 12 months and the builder group expects its divestment operations will generate further sources to speed up its development in infrastructure concession property in numerous areas.
“These concessions actions, which have a low demand threat, produce secure and recurring revenues,” the corporate stated.
Sacyr Providers has cleansing contracts in Spanish cities akin to Barcelona and Madrid whereas Sacyr Water unit has crops in some cities in Spain, Chile and Algeria.
The Spanish builder goals to have a 3rd of it companies in Latin America, whereas one other 33% of its works will stay in Europe, some at present in highways and hospital concessions.
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