Dubai contractor Al Shafar buys 15% stake in UK’s Costain – ZAWYA

Dubai contractor Al Shafar buys 15% stake in UK’s Costain – ZAWYA

UAE-based Al Shafar General Contracting Company (ASGC) has reached an agreement with British construction and engineering company Costain for acquisition of around 41.6 million shares (15.2 per cent) in the company at an investment of £25 million ($31 million).. The strategic investment from the Emirati group comes as a shot in the arm to Costain which is raising £100 million ($124 million) from the capital markets in a share issue underwritten by Liberum Capital and Investec Bank (who are acting as Joint Global Coordinator, Joint Bookrunner and Joint Corporate Broker) and HSBC as Joint Global Coordinator and Joint Bookrunner.. One among the 26 companies within the Al Shafer Group, it owns the majority of the group's supply chain and utilises mostly in-house resources.. On the strategic deal, Costain said it aims to use the net proceeds from the capital raising for general corporate purposes..