Sonae nets €40 million from Maxmat sale

 In Companies, News

The Portuguese multinational multi-sector company Sonae has reached an agreement to sell its share in Maxmat to road constructor Cimentos Estrada Pedra SGPS, Lda owned by Building Materials Europe (BME) which already controls 50% of Maxmat.

Sonae SGPS netted €65 million from the sale to the BME group of a 50% share of its subsidiary company in Sonae MC which represents a capital gain of €40 million.
“Following a communiqué of 25 May regarding the agreement reached by Sonae MC SGPS SA for the sale of 50% of the capital share of Modelo – Distribution of Construction Materials (Distribuição de Materiais de Construção, SA (“Maxmat”), Sonae SGPS SA communicates that this sale should generate approximately €40 million, subject to the financial performance of Maxmat up until the completion of the transaction, states the communiqué sent tot he market supervisor CMVM.
Sonae posted growth results of 6% and strengthened its profitability with sales in excess of €1.6Bn and enjoyed a sold first quarter of 2021 despite the rather challenging context caused by the pandemic.
Its consolidated turnover grew 5.8% to €1.6Bn, a record value in a Q1. Operational profitability improved as underlying EBITDA increased 14.1% to €114 million.
The group’s net result share stood at €1 million, a significant improvement compared to last year’s, albeit impacted by restrictions related to Covid-19.
BME is one of Europe’s leading distributors of building materials employing around 9,500 people. It too has announced that it as reached an agreement to acquire the remaining 50% of the share capital in Modelo from Sonae MC. After a long and successful joint-venture partnership over the past 27 years, Sonae MC and BME Group agreed to the terms of this transaction which will enable BME Group to further strengthen its position in the Iberian market.