Galvão Engenharia readies CAB Ambiental sale
Brazilian construction company Galvão Engenharia will sell its 66.6% share in waterworks company CAB Ambiental by November.
A bankruptcy protection plan presented by Galvão Engenharia has been approved and will be filed in a bankruptcy court. The auction of the stake is expected within 60 days of the court filing, according to a CAB Ambiental release.
Galvão Engenharia is targeting at least 600mn reais (US$165mn) for its share.
CAB AMBIENTAL
CAB Ambiental operates potable water supply and sewerage service concessions and public-private partnerships in São Paulo, Mato Grosso do Sul, Paraná, Santa Catarina and Alagoas states. It currently holds 18 contracts, for a combined sum of 2.66bn reais, serving a total of 6.54mn residents.
In the first half of the year, the company reported a net loss of 10.2mn reais, compared to a profit of 15.8mn reais in 1H14. Company revenue dropped 15.7% to 249mn reais.
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