Sonae MC sells 50% of Maxmat to Cimentos Estrada Pedra
The company has concluded the sale of 50% of Maxmat's share capital to Cimentos Estrada Pedra, with a net cash inflow of €68 million.
Portuguese firm Sonae MC has concluded the sale of 50% of Maxmat’s share capital to Cimentos Estrada Pedra, with a net cash inflow of €68 million, it told the Portuguese Securities Market Commission (CMVM) on Wednesday.
“Sonae SGPS announces that its subsidiary Sonae MC has concluded the sale of 50% of the share capital of Modelo – Distribuição de Materiais de Construção (Maxmat) to Cimentos Estrada Pedra, a wholly-owned subsidiary of Building Materials Europe,” reads the statement sent to CMVM.
The operation will result in a net cash inflow of €68 million and generate a capital gain of approximately €42 million in Sonae’s consolidated accounts.
According to the same document, the Competition Authority approved the transaction.
