October 16, 2019 / 6:28 AM / a month ago

BRIEF-Argan Completes EUR 898 Million Acquisition of Cargo From Carrefour

Oct 16 (Reuters) - ARGAN SA:

* ANNOUNCED ON TUESDAY IT COMPLETED ACQUISITION OF “CARGO” WAREHOUSE PORTFOLIO FROM CARREFOUR FOR EUR 898 MLN

* SHAREHOLDERS APPROVED DEAL ON TUESDAY AFTER AGREEMENT ON JULY 10

* APPROVED CONTRIBUTION IN KIND OF 22.7 MILLION SCI CARGO SHARES, MADE BY CARREFOUR, CREDIT AGRICOLE ASSURANCES THROUGH SUBSIDIARY ASSURANCE VIE AND PRIMONIAL CAPIMMO

* REMUNERATION THROUGH ISSUE OF 5.6 MILLION NEW ARGAN SHARES REPRESENTING SUM OF EUR 279 MILLION

* AFTER OPERATION, ARGAN’S SHARE CAPITAL INCREASED FROM EUR 33.2 MLN TO EUR 44.4 MLN

* AFTER OPERATION, CREDIT AGRICOLE ASSURANCES HOLDS UP TO 16.77% OF ARGAN SHARES, CARREFOUR UP TO 5.21% AND PRIMONIAL CAPIMMO UP TO 3.19%

* THE LE LAN FAMILY NOW HOLDS 40.03% OF SHARES AND THE FLOAT REPRESENTS 34.80%

* ARGAN PAID EUR 619 MLN IN CASH FOR 50.5 MLN SCI CARGO SHARES (TOTAL EUR 898 MLN HD, WITH HELP OF EUR 645 MLN BRIDGE LOAN)

* ARGAN WILL REFINANCE THIS EUR 645 MLN BRIDGE LOAN WITH MORTGAGE LOANS, AGREEMENTS WITH CREDIT COMMITTEES AND BANKS ARE OBTAINED

* WITH ACQUISITION, ARGAN’S HERITAGE GROWS BY MORE THAN 60%, ANNUALISED RENT INCOME UP BY 47%, RECURRING INCOME GROWING BY 52%

* ARGAN’S COST OF DEBT DECREASES FROM 1.90% TO 1.65% THANKS TO FAVOURABLE LOAN CONDITIONS

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Further company coverage: (Gdansk Newsroom)

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