GIMV has sold its 3% stake in DEME to Ackermans & Van Haaren and CFE. Both shareholders now control 50% of DEME. They are each paying €4.8m for an additional 1.5% interest in the company.
GIMV first became a shareholder of DEME in 1991 and is realising a capital gain of €6.3m from its investment. The sale increases GIMV’s net asset value by around €2.1m (or €0.09 per GIMV share) from the net asset value calculated at March 12, 2004.
DEME is involved in hydraulic engineering, maritime and offshore activities. In 2003 the company achieved a consolidated turnover of €720.2m and a consolidated net profit of €26.1m.