TKS subsidiary sells 20% stake for USD 10 mln
14 October 2008
TKS Real Estate’s (37W1 GR: BUY) Cyprus-registered subsidiary TKS Concrete Limited sold a 20% stake for USD 10 mln in a private equity deal, TKS Sales Manager Orest Sarakhman told Interfax yesterday. TKS plans to use the proceeds to construct eight concrete plants by 2010; the company already operates two concrete plants. Alexander Romanov: TKS decided to split its business into three units: development, construction and concrete production. We view this transaction as part of the company’s new strategy of financing each division separately.
