Wendel sells its 40% holding in PlaYce to CFAO
Wendel has agreed to sell its 40% holding in PlaYce (formerly SGI Africa) to CFAO for net proceeds of €32.2 million, following an initial investment of €25.3 million at the end of July 2016.
PlaYce was created in 2015 by CFAO, primarily to support the development of the Carrefour brand, which CFAO operates through a joint venture with the Group, across several West African countries.
Since inception, PlaYce has opened three shopping centers (two in Abidjan and one in Douala), representing a total selling area of around 21,400 sq. m. (with over 15,000 additional sq. m. currently being developed) and creating over 1,300 direct and indirect jobs (at PlaYce, its subcontractors and CFAO Retail).
In line with its strategy to refocus on large assets, Wendel has agreed with CFAO to sell its holding according to the terms mentioned above. Source: Engineering News