GS Engineering & Construction has decided to sell its water treatment subsidiary, GS Inima.
On August 22, GS Engineering & Construction announced that its wholly owned subsidiary, Global Water Solution, had resolved in a board meeting to sell all of its shares in GS Inima. Global Water Solution currently owns 100% of GS Inima's shares.
The sale amount is 1.677 trillion won based on the previous day's exchange rate, and the scheduled date of disposal is February 21, 2027.
Regarding the purpose of the stake sale, GS Engineering & Construction stated that it is for the strategic restructuring of its business portfolio and to focus on core businesses. The buyer of GS Inima shares is reportedly an energy company from the Middle East. If the sale is finalized, it is expected to strengthen GS Engineering & Construction's liquidity and improve its debt ratio.
GS Inima, headquartered in Spain, was acquired by GS Engineering & Construction in 2012. Among GS Engineering & Construction's subsidiaries, it has the largest asset size. Last year, it recorded consolidated sales of 573.6 billion won and operating profit of 55.8 billion won, and the company has been pursuing a sale for some time.
GS Inima has been actively conducting business in the Middle East, including winning a 920 billion won seawater desalination plant project in the United Arab Emirates (UAE) in 2023 and a 2.4 trillion won desalination project in Oman in 2020.
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