LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company” or “Graña y Montero”) a leading Engineering and Construction company, announced today that it closed its third sale of non-strategic assets in order to fulfill the obligations derived from the termination of the Peruvian Southern Gas Pipeline (GSP), as it announced as a Relevant Information Communication the past January 26, 2017.
Through STRACON GyM, which is a subsidiary specialized in mining services, the Graña y Montero Group has closed the sale for 8.69% of its stake in the Canadian company Red Eagle Mining Corporation for USD 11.5 million, retaining a 3.98% stake.
For its part, STRACON GyM will continue with the contract it signed with Red Eagle Mining in 2015 to operate the mining project San Ramón, located in Antioquia, Colombia.
It should be noted that in November 2016, following the successful completion of its construction, the mine achieved its first gold production and expects to start commercial production by the end of the first quarter of 2017.
Recently, the Company announced the sale of all of its shares in PRINSUR and in the project Cuartel San Martín de Lima, for USD 25 million and USD 50 million, respectively. As a result, the total amount in assets sales adds up to USD 86.5 million.
About Graña y Montero S.A.A.
Graña y Montero is the largest and most important Engineering and Infrastructure Company in Peru. It has 26 companies in 4 Business Areas and operates in 5 countries in Latin America. It is the only South American construction company listed in the Lima Stock Exchange and in the NYSE. It has 83 years of operations, due to its corporate values, which have always guided the behavior of its employees. It has been an example in the region for its good practices in corporate governance and has been continuously considered as one of the most admired and renowned firms of the country.