Semapa to book EUR390m gain from Enersis disposal

Portuguese cement and paper group Semapa SGPS expects to book a gain of EUR390m from the sale of its 90 per cent in the Enersis renewable energy business to Austrialian investment company Babcock & Brown Ltd, Pedro Queiroz Pereira, Semapa chairman, said at a news conference.  
 
Semapa will use the EUR420m total proceeds from the disposal to pay off debt and develop the company’s core businesses, paper maker Portucel and cement division Secil, the chairman said. The aim is to halve group debt to EUR350m from the current EUR700m, he said.