Italian-based Salini Impregilo has agreed to sell its subsidiary Todini Costruzioni Generali (TCG) to Prime System Kz for €50 million.
Prime System Kz operates under the laws of Kazakhstan and belongs to the Zhol Zhondeushi group.
Salini Impregilo will retain TCG’s assets in Italy, and other minor assets in North Africa and Ukraine.
Salini Impregilo said the sale would have a limited impact on its income in 2015 while having a positive impact on its financial position in 2016. It also said it is another step towards fulfilling its strategic goals.
The sale is subject to the implementation of TCG group reorganisation and permissions by the National Bank and other governmental authorities of Kazakhstan by 31 March this year.