Steiner AG closes sale of its subsidiary Steiner Construction SA

Steiner AG, the wholly owned subsidiary of Hindustan Construction Company (HCC) and a leading Swiss-based real estate firm, has concluded the sale of its construction business subsidiary, Steiner Construction SA, to Demathieu Bard, an international construction group headquartered in France for approximately CHF 98 million (Rs 928 Cr) including liability transfer of around CHF 60 million (Rs 568 Cr). For the fiscal year ending March'23, Steiner Construction posted a turnover of CHF 347 million (Rs 3,076 Cr) and was operating 30 projects.

This strategic transaction accelerates Steiner AG's transition to a pure real estate development company, paving the way for long-term growth in this field.

According to Arjun Dhawan, Vice Chairman, HCC, "Steiner AG's evolution into a pure development company is a reflection of our tremendous success as a leader in Swiss real estate over the past decade. It is also a function of the opportunities we see for capital formation and future growth, both domestically and abroad, thereby maximizing shareholder value. We extend our heartfelt gratitude to everyone who has played a pivotal role in Steiner Construction's success, especially our clients and dedicated employees."

According to Stephane Monceaux, Managing Director of the Demathieu Bard Group "The acquisition of Steiner Construction SA is a major milestone in the history of the Demathieu Bard Group. We are strengthening our international presence and consolidating our position as a benchmark company in the construction sector. Demathieu Bard makes its biggest acquisition ever with the integration of Steiner Construction SA. Our priority now is to ensure its success by promoting synergies between our expertise and know-how. I would like to welcome Steiner Construction SA to the Demathieu Bard Group."

Steiner AG will look to expand its portfolio of developments with a more ambitious growth plan, with capital being deployed into newer and wider net of opportunities, along with a broader set of strategic and financial partners.

Shares of Hindustan Construction Company Limited was last trading in BSE at Rs. 32.31 as compared to the previous close of Rs. 32.08. The total number of shares traded during the day was 6493479 in over 7821 trades.

The stock hit an intraday high of Rs. 32.55 and intraday low of 30.43. The net turnover during the day was Rs. 205786771.00.

Source : Equity Bulls

Keywords

HindustanConstructionCompany INE549A01026 HCC SteinerAG Sale SteinerConstructionSA