LIMA, Peru--(BUSINESS WIRE)--
Graña y Montero S.A.A. (GRAM) (BVL:GRAMONC1) (“the Company,” “the Group” or “Graña y Montero”), a leading Engineering and Construction company, announced that Viva GyM, which is the Group’s real estate subsidiary, has sold through the company Proyectos Inmobiliarios Consultores S.A.C. (in which it holds a 92.42% stake) all of its shares in Promoción Inmobiliaria del Sur S.A, corresponding to 22.5% of the share capital.
The purchase was made by Inversiones Centenario S.A.A, its partner in this company, for an amount of US$25 million, which will be fully paid on April 28, 2017.
This is the second sale that Graña y Montero closes within the framework of the sale of non-strategic assets, whose objective is to comply with the commitments derived from the termination of the concession contract for the Peruvian Southern Gas Pipeline (GSP). The first asset sold was the 50% stake held by Viva GyM in the Cuartel San Martín project in Lima, announced less than three weeks ago.
It is important to note that the non-strategic assets that the Graña y Montero Group has put up for sale do not impact the Group’s long- or medium-term business strategy.
About Graña y Montero S.A.A.
Founded in 1933, Graña y Montero is the only Peruvian engineering and construction company listed on the Lima Stock Exchange since 1997 and in the NYSE since 2013. The Company has participated in the development of major engineering and construction projects in Peru, including large-scale, complex projects in the energy, mining, construction and real estate sectors.
It currently has subsidiaries in Chile and Colombia, and has been executing major projects in Panama, Bolivia, Jamaica and Ecuador.
With 83 years of operations, the Company has leveraged its engineering and construction expertise into complementary lines of business, such as the development, ownership, operation and maintenance of infrastructure assets, real estate developments, and the provision of technical services. The Company has significant investments in infrastructure concessions, such as three toll roads and Line 1 of the Lima Metro.