Financial services firm UBS has reduced its stake in Amec.
UBS now holds 13.59% of the property developer, construction and engineering group’s share capital, a 0.76% decrease from the 14.35% held in November last year.
Of the 45,347,561 ordinary shares held by UBS, the company has a ‘material’ interest in 42,976,715 shares and a ‘non material’ interest in 2,370,846 shares.
The move follows the troubled building giant’s announcement of the sale of its £1bn property development portfolio as part of an ongoing strategic review in December last year.
Samir Brikho, two months after taking over as chief executive, unveiled the new strategy, which includes the sale of its built environment businesses, including its property, civil engineering and PFI projects.
The group had originally intended to spin them off into a separate listing.
In June last year Amec, which has been exiting most of its construction activities in the UK and US as part of a three-way break-up of the group, revealed millions of pounds worth of forthcoming exceptional charges.
References: EGi News 05/01/07
