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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Concejo AB (publ)    CNCJO B   SE0000236382

CONCEJO AB (PUBL)

(CNCJO B)
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Consilium agrees to sell bulk of business, shares soar

12/23/2019 | 04:38am EST

Sweden's Consilium has agreed to sell its biggest division, Marine & Safety, for 3 billion crowns (244 million pounds), news that sent its shares tripling in value on Monday to record highs.

The maker of fire and gas detection and navigation and emission monitoring systems for ships, properties, transportation and the oil and gas industry said it had agreed to sell the division to private equity firm Nordic Capital.

Its shares were up 196% at 0906 GMT.

"The proposed transaction enables the freeing up of considerable worth for Consilium's shareholders, and allows Consilium to focus on growth within remaining businesses," the company said in a statement on Saturday.

Consilium said it expects a capital gain of around 1.55 billion crowns or 132 crowns per share from the sale of the division, which last year had a turnover of 1.35 billion crowns - 95% of group turnover.

The board plans to use the proceeds to invest in remaining operations and to pay back loans, and will also propose an extra dividend, Consilium said.

Platanen Holding, which controls 72% of votes in Consilium, has undertaken to vote in favour of the deal at an extraordinary shareholder meeting and the deal is expected to be finalised in March or April 2020, it said.

Consilium, which has sold or closed down segments in recent years to streamline its business, has this year been looking into strategic alternatives for its remaining operations.

(Reporting by Anna Ringstrom; editing by Jason Neely)


© Reuters 2019
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AT HOME GROUP INC. -2.95% 22.73 Delayed Quote.47.02%
CONCEJO AB (PUBL) 0.00% 69 Delayed Quote.0.29%
JASON CO., LTD. -1.20% 661 End-of-day quote.-1.05%
LONDON BRENT OIL 1.30% 55.46 Delayed Quote.6.15%
ONE STOP SYSTEMS, INC. -4.04% 4.75 Delayed Quote.18.75%
WTI 0.60% 52.613 Delayed Quote.8.19%
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Financials
Sales 2019 284 M 34,0 M 34,0 M
Net income 2019 -166 M -19,9 M -19,9 M
Net Debt 2019 921 M 110 M 110 M
P/E ratio 2019 -7,19x
Yield 2019 15,5%
Capitalization 807 M 96,3 M 96,8 M
EV / Sales 2018 3,61x
EV / Sales 2019 7,77x
Nbr of Employees 678
Free-Float 19,2%
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Managers and Directors
NameTitle
Carl Adam Nils C. Rosenblad President, Chief Executive Officer & Director
Erik Torsten Gustav Lindborg Chairman
Lars Håkansson Chief Financial Officer
Ebba Thomasine C. Rosenblad Independent Director
Sten Ankarcrona Director
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