Pireco Group considers selling minority stake to strategic partner, chairman says

By bne IntelliNews July 29, 2013

TUNIS  -- Pireco Group, the Tunisia energy infrastructure general contracting group, would consider selling a minority stake in the company to a strategic partner, Pireco chairman and CEO Abdessalem Ben Ayed said.

Pireco, which is a subsidiary of the Al Badr Group, could considering selling a 25% to 30%  stake in the group as a means to expand the company’s current operations in Libya, Iraq, Algeria and Mauritania.

In an interview with Capitol Intelligence/IntelliNews in his office, Ben Ayed said the company, which has annual sales of between USD 250m to USD 300m does not need cash but a strategic partner could accelerate the company’s already strong growth rate.

Ben Ayed said that Pireco could consider allowing the strategic partner to appoint their own executive as chief financial officer for the company.

Ben Ayed said that the Al Badr Group has no currently plans to list Pireco but could not exclude doing so in the future.

Pireco is building an off-shore platform with Total and Tunisia’s state oil and gas group Etap in Ashtart: a gas treatment plant with British Gas PLC and Bechtel Corporation, a wind power plant in Sidi Daoud, a water injection project in the North Rumeila oil field region of Bassora (Iraq) and a gas pipeline with Italy’s Snamprogetti and GE unit Nuovo Pignone in Algeria.

Pireco also works closely with Genoa-based Ansaldo Energia, a company whose majority shareholder is Finmeccanica SpA and its minority shareholder is Greenwich, Connecticut-based First Reserve Corporation.

Francesco Giuliani, a First Reserve principal and chairman of Ansaldo Energia, told this news service in a telephone interview that the Greenwhich-based private equity fund is not looking at acquiring minority stakes.

He also said that First Reserve’s minimum deal size is above USD 300m.



For further information, subscribers may contact PK Semler
(+1202-549-3399)  pks@capitolintelgroup.com or analyst@intellinews.com
 

Related Articles

Hungarian PM's "proxy" moves into the nuclear industry as Paks tenders approach

Firms controlled by Hungarian oligarch Lorinc Meszaros have purchased a 51% stake in the Hungarian subsidiary of Czech nuclear ... more

CEZ set to place Czech nuclear assets in new unit

Czech state-controlled energy group CEZ is set to place all nuclear-related activities into a new division, local media reported on May 17. The move raises speculation that the company is ... more

TAP suspends work on Albania pipeline after uncovering ancient settlement

Trans Adriatic Pipeline (TAP) AG company, which is in charge of the construction of the TAP gas project, has temporarily suspended works on the pipeline near the Turan village in Korca in the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss