Balfour Beatty has announced that it has reached an agreement with its joint venture partner to sell the Group’s entire share in Dutco Balfour Beatty and BK Gulf.
Subject to regulatory approval, the agreement will see local partner, Dubai Transport Company (Dutco), purchase Dutco Balfour Beatty and BK Gulf for £11M.
According to the 2015 annual report, shows the two Dutco JVs created £372m revenue but made a pre-tax loss of £65m.
Balfour Beatty had a 49% stake in each company.
The Company began the process of exiting the Middle East, Indonesia and Australia in 2015 in an effort to concentrate on its core markets of the UK, US and the Far East.
Leo Quinn, Group Chief Executive, said: “We continue to simplify the Group and strengthen the balance sheet through our Build to Last programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth.”
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