14/08/2012 - 13:28

Decmil buys out partner at Calliope

14/08/2012 - 13:28

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Decmil Group has bought out its joint venture partner Maroon Group Holdings at the Calliope accommodation village project in Queensland for $15 million.

The transaction will take part in two tranches, with $12 million to be paid immediately, and the remaining $3 million to be paid on December 21.

Decmil said it would also release Maroon from advances made under the project’s working capital facility.

“The Calliope accommodation village is a key asset in DEcmil’s strategy to develop long-term revenue streams and we are extremely pleased to move to 100 per cent ownership,” managing director Scott Criddle said.

“Decmil now has full control and ownership of the Calliope village, with the price negotiated to acquire the remaining 50 per cent providing an excellent investment for Decmil that will deliver even stronger returns to our shareholders.”

The accommodation village, which will provide rooms for 2,265 workers, will be completed by the middle of next year, Mr Criddle said.

Decmil stocks were up 9.4 per cent at 1:20PM, WST, trading at $2.79.

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