CIL acquires interest in Angola firm
Johannesburg‚ Dec 3 (I-Net Bridge) - JSE-listed Consolidated Infrastructure Limited (CIL) has through its Mauritian subsidiary acquired a 30.5% interest in Angola Environmental Serviços Limitada (AES) for $15.25 million.
"The acquisition diversifies CIL's current offering‚ with a new line of business in specialised services of waste management and an opportunity to tap into the high growth potential of the oil and gas sector which is currently the bedrock of the Angolan economy‚" CIL said on Monday in a statement.
The transaction is subject to a number of conditions precedent. CIL management anticipates that 30% of the purchase price will be settled by cash‚ with the remaining 70% through a placement of additional equity.