IGO Industries Group sells 4% stake in PORR, increasing free float

IGO Industries Group has sold a 4.0% stake in PORR AG, increasing the construction group’s free float while leaving its ownership structure and shareholder agreement unchanged.

Following the transaction, PORR’s free float, including shares held by management, has increased to 56.6%, up from 52.6%.

As a result of the sale, the combined shareholding held under the existing shareholder syndicate between the IGO Industries Group and the Strauss Group has been reduced to 43.4%.

According to the companies, the transaction does not affect the continuation of the shareholder syndicate, existing control arrangements or IGO Industries’ commitment to PORR’s long-term strategic development.

PORR said the higher free float is expected to broaden its investor base, improve share liquidity and increase the company’s visibility in international capital markets.