GCS sells SmartScaff stake

Global Construction Services will pocket $17.5 million when it completes the sale of its stake in Melbourne-based SmartScaff.

GCS has sold its 50 per cent interest in the east coast-focused scaffolding hire and sales company to remaining shareholders for $10.5 million.

The Perth-based company will also receive $7 million as repayment for SmartScaff’s outstanding loan with GCS.

Managing director Enzo Gullotti said the sale of the stake would resolve differing shareholder views on the strategic direction of SmartScaff.

“We sincerely thank the board, management team and members of SmartScaff for their contribution and efforts over the last five years,” Mr Gullotti said.

GCS shares were unchanged at 45 cents each at 10:20am.