CIMIC Group today announced it has signed a share purchase agreement with SALD Investment LLC (“SALD”) for the sale of CIMIC’s investment in the Middle East.
SALD, a privately owned, UAE-based investment company, will purchase CIMIC’s 45% investment in BICC for nominal consideration. SALD is also acquiring the remaining 55% of BICC held by CIMIC’s co-shareholder, also for a nominal amount.
The sale covers all of CIMIC’s investments in the Middle East.
On completion, SALD will own all BICC’s businesses in the UAE, Qatar, Oman and Saudi Arabia. The completion of the share purchase agreement is subject to satisfaction of certain conditions precedent and obtaining all necessary approvals.
While CIMIC has agreed with the purchaser to contribute a certain amount of funds into BICC, the transaction does not increase CIMIC's previously announced financial exposure to the Middle East. The financial impact of the transaction to CIMIC is already included in the one-off post-tax impact to CIMIC’s 2019 financial statements announced on 23 January 2020.
The sale is the final step of CIMIC’s decision, taken in January 2020, to exit the Middle East.