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Amec share issue boosts PFI investments

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CONTRACTOR AMEC is raising £95M by selling new shares to its investors so that it can fund acquisitions and increase investments in privately financed infrastructure projects.

The share sale will fund a doubling to £53M of the contractor's investments in private finance initiative projects.

It will also help pay for the £20M takeover of Houstonbased oil and gas engineering services fi m Paragon Engineering Services.

The rest of the money raised will go on investments in urban regeneration projects.

Another £15M is earmarked for the expansion of its recently created engineering and technical services division. This incorporates design, facilities management and technical services activities (NCE 18 November 2004).

Amec said it also needed extra fi nance to buy stakes in the Docklands Light Railway extension to Woolwich Arsenal in south east London, and Colchester Hospital. It was recently named preferred bidder for both projects.

Amec is also preferred bidder for the concession to build and operate the Incheon Bridge in South Korea. Its stake in this project will be worth around £19M.

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