Budlex sold for PLN 45 mln

Constructor Erbud has signed a deal with Holdinvest to sell a 100 percent stake in Budlex for PLN 45 million. Prior to concluding the transaction Budlex will pay out PLN 17 million in dividends, the company said. In the first stage of the proceeding, Erbud will buy 10.04 percent of Budlex's shares from a minority shareholder for PLN 4.5 million and subsequently will sell a 100 percent stake to Holdinvest. The transaction will incur a loss in consolidated profit and loss account of PLN 24.5 million, but it will not affect the net operating profit of the company, nor it will influence the dividend policy. The deal will result in Erbud's positive cash flow of PLN 47.5 million.