Latest:
Kharafi ups Costain stake
00:00 15 Aug 1996
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Kuwaiti construction group Mohamed Abdulsin Kharafi has spent a
further œ9 million on Costain shares this week, lifting its
stake from 19% to 25.2%.
Peter Nichol, Costain company secretary, said: "They haven't asked for a seat on the board. We would consider such a request as and when it arrived."
With a stakeholding of more than 25%, Kharafi can now block any special resolutions, since these need a 75% majority to be passed.
Costain's successful survival plan, voted through last month, resulted in Malaysian construction company Intria investing œ42 million to take a 40% stake in the troubled UK construction group.
Kharafi opposed the plan at first, but then did a U-turn and took up its three-for-one entitlement to new shares, spending œ15 million to retain its 19% stake.
"We always welcome shareholders in each of our markets," said Nichol.
Peter Nichol, Costain company secretary, said: "They haven't asked for a seat on the board. We would consider such a request as and when it arrived."
With a stakeholding of more than 25%, Kharafi can now block any special resolutions, since these need a 75% majority to be passed.
Costain's successful survival plan, voted through last month, resulted in Malaysian construction company Intria investing œ42 million to take a 40% stake in the troubled UK construction group.
Kharafi opposed the plan at first, but then did a U-turn and took up its three-for-one entitlement to new shares, spending œ15 million to retain its 19% stake.
"We always welcome shareholders in each of our markets," said Nichol.
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