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    A028260   KR7028260008

SAMSUNG C&T CORPORATION

(A028260)
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End-of-day quote. End-of-day quote Korea Stock Exchange - 01/28
107000 KRW   +5.42%
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Turkey's Ronesans to buy 51% of Gaziantep hospital, sources say

11/16/2021 | 09:48am EST

ISTANBUL, Nov 16 (Reuters) - Turkish construction company Ronesans has signed a series of deals to buy 51% of the unfinished 636 million-euro ($723 million) Gaziantep hospital project, one of the country's mega public-private partnerships (PPP), two sources told Reuters.

Under the agreements, Ronesans Saglik Yatirim, the unit that runs hospitals, takes a 24.5% stake from two sellers: Italy's Webuild and Turkey's Kayi Insaat, the two sources said.

Ronesans will also acquire a 2% stake from Samsung C&T , they added, requesting anonymity.

The deal, if approved by regulators, would ultimately give Ronesans a 51% stake in the consortium building the 1,875-bed hospital in southeastern Turkey, one of the sources said.

Ronesans Holding, which owns Ronesans Saglik Yatirim, declined to comment.

Turkey began renovating its public health system under the PPP model almost a decade ago, including building 18 large-scale hospitals. Total loans extended under the programme are estimated at around $10 billion.

Construction of the hospital in Gaziantep near the Syrian border was to have been completed this year, according to a Turkish health ministry website, but has been delayed.

The consortium plans to complete the hospital by the end of 2023, the first source said.

Italy's Webuild declined to comment. Kayi did not reply to a request for comment. Samsung C&T said it was considering selling some of its stake but has not made a final decision.

The first source said Ronesans would cover any equity funding shortfalls to date and would not take on additional loans, adding the company was also considering bringing in a north European or Japanese partner to share its 51% stake.

The consortium is also in negotiations to extend the maturity of a loan worth around 480 million euros, both sources said.

The first source said the talks aimed to extend the maturity of an 18-year financing deal by two to three years and may conclude by mid-December.

The financing deal signed in 2017 includes loans from the European Bank for Reconstruction and Development and the European Investment Bank, as well as guarantees from Export-Import Bank of Korea and K-sure.

Ronesans and EBRD declined to comment on any restructuring talks. The EIB was not immediately available to comment. ($1 = 0.8797 euros) (Additional reporting by Elisa Anzolin in Milan, Joyce Lee in Seoul and Jonathan Spicer in Istanbul; editing by Barbara Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SAMSUNG C&T CORPORATION 5.42% 107000 End-of-day quote.-10.08%
WEBUILD S.P.A. 2.06% 1.887 Delayed Quote.-11.11%
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Financials
Sales 2021 33 275 B 27,5 B 27,5 B
Net income 2021 1 685 B 1,39 B 1,39 B
Net cash 2021 1 134 B 0,94 B 0,94 B
P/E ratio 2021 12,1x
Yield 2021 3,19%
Capitalization 17 638 B 14 584 M 14 587 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,47x
Nbr of Employees 7 784
Free-Float 44,6%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 107 000,00 KRW
Average target price 173 000,00 KRW
Spread / Average Target 61,7%
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Managers and Directors
Jung-Suk Koh Co-President, Co-CEO & Director
Seung-Hwan Han Co-President, Co-CEO & Director
Se-Chul Oh Co-President, Co-CEO & Director
Suk Chung Byung Chairman
Philippe Henri C. Cochet Independent Director
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