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ASGC has Become The Largest Shareholder in Costain

Source: www.gulfoilandgas.com 5/11/2020, Location: Middle East

ASGC, the leading construction group with headquarters in Dubai, UAE, announces that it will acquire a 15% stake in Costain, the UK based construction company, as part of Costain’s £100m cash raising share issue.

ASGC has entered into a binding commitment to purchase 41,666,666 new ordinary shares at a £25m offer price, after which it will hold 15.2% of Costain’s enlarged share capital.

Bishoy Azmy, ASGC group Chief Executive Officer, commented: “We always seeking to diversify our interests and see long-term, structural growth opportunities in UK infrastructure. We see the move as a way to benefit from an expected increase in UK infrastructure spending and believe that Costain will be well placed to take advantage of these.”

In a published quote¹, Alex Vaughan, CEO Costain said: "We are pleased to have secured significant support from investors for this fundraising. With a stronger balance sheet and the positive long-term outlook for UK infrastructure, Costain will be better placed to benefit from the significant market opportunity in front of us."

ASGC was founded in 1989 and has built landmark construction projects such as the Coca-Cola arena in Dubai, Sustainability Pavilion, HH Sheikh Mohamed Bin Rashid Public Library, the Dubai International Airport expansion and many others. The company has an annual turnover exceeding $1 bn and 18,000 employees. ASGC owns the majority of its supply chain and utilizes in-house resources leading to high project quality and timely delivery.

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