Balfour Beatty says it has reached agreement to exit Dutco Balfour Beatty and BK Gulf
Balfour Beatty, the international infrastructure group, on Tuesday announced that it has reached an agreement with its joint venture partner to sell its entire share in Dutco Balfour Beatty and BK Gulf.
The company said in a statement that, subject to regulatory approval, the deal is worth £11 million
As part of the transaction, the local partner will assume responsibility for Balfour Beatty’s guarantees of bonding obligations in the joint ventures, it said.
Since the start of 2015, Balfour Beatty has exited the Middle East, Indonesia and Australia in order to focus on its chosen markets, in the UK, US and 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.”
In 2014, the UK-based construction firm said it has won a $353 million contract from Emaar Properties to build an extension to The Dubai Mall.