Templeton buys more Depa shares

Depa IPO announced 26 March 2008, listing on DIFX and London LSE (GDRs). DIFX listing date 23 April 2008.

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Templeton buys more Depa shares

Postby Cash King » Mon 01 Apr 2013 17:14

Hi Friends,

[source="Construction Week Online 01 April 2013"]Templeton builds Depa stake

Interior design contractor Depa (DEPA) has announced that Templeton Asset Management has increased its holding in the company.

The firm has bought a further 299,999 ordinary shares, bringing its total to 30,882,619 - or 5.02% of the total.

Last month, Depa revealed that it had recorded bad debts of over $34m (AED: 125m) for 2012, which includes the losses incurred as a result of the cancellation of a contract being carried out by its joint venture with German firm Lindner to fit-out Hamad International Airport in Doha as well as money owing on the Port Baku and JW Marriott contracts it has been carrying out in Azerbaijan.

This caused the firm to declare a $32.6m (AED: 119.6m) loss for 2012, compared with a profit of $14.7m in 2011.

Despite this, Depa argued that its balance sheet remains strong, with cash in hand of $83.5m (AED: 307m) at year end and a total asset base of $856m.

In November, contractor Arabtec (ARTC) bought a 24% stake in Depa for around $65.8m - or $0.44 per share.[/source]

So Templeton must have taken a wise decision.

Cheers

Please Note I have not find this news anywhere else only on http://www.constructionweekonline.com/a ... epa-stake/

Best Regards
Cash King
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